First Place Finance - Asian Market Review - 09.08.2019

Asian markets are mostly higher Friday morning as investor’s sentiment remains high after China’s better than expected trade data from the previous session. This is true even as the Chinese central bank has fixed the Yuan exchange rate below 7 for the second time this week.

In Japan the Nikkei trades 0.6% higher, despite the Yen strengthening overnight to below the 106.00 level versus the U.S. dollar. Shares of Softbank are up by 1.1% and Sony has jumped 2.4% higher. Meanwhile shares of robotics manufacturer Fanuc have slipped by 0.6%.

South Korea’s Kospi is leading gains in the region, rising 1% in early trade. Index heavy weight Samsung has a 1.4% gain, while rival LG Electronics is 2.5% higher, and shares of SK Hynix have gained 0.8%.

Australia’s S&P/ASX 200 is holding just above unchanged levels with a gain of less than 0.1%. The big four banks are mixed, with ANZ and Commonwealth Bank trading 0.4% higher, but NAB falling 0.5% and Westpac down 0.1%. The miners are modestly higher, although gold miners are falling after the precious metal pulled back overnight.

Mainland China’s Shanghai Composite has opened flat and the smaller cap Shenzhen Composite is flat as well as investors have had no reaction to the Yuan fix, but in Hong Kong the Hang Seng has jumped 0.6% at the open. Over in Taiwan the Taiex trades higher by 1%.

Southeast Asian markets atr trading in opposition to the major markets, with the Straits Times in Singapore 0.4% lower and the KLCI in Malaysia 0.1% lower.