Asian Market Review

Asian markets have opened mostly higher Tuesday as investor sentiment has been dented by the overnight weakness in the PMI data out of Europe, highlighting the struggle of the global economy.

In Japan the Nikkei has opened 0.4% higher, with investors returning from a holiday extended three day weekend to find the Yen edging lower against the U.S. dollar. Shares of robotics manufacturer Fanuc are up by 0.5%, but retailer Fast Retailing is trading 1.4% lower.

Nikkei chart

In Australia the S&P/AX 200 is modestly higher by 0.1% after the Australian dollar has firmed slightly overnight. Australia’s big four banks are rallying, with ANZ up 0.8%, NAB rising 0.4%, Commonwealth Bank adding 0.5%, and Westpac gaining 0.5% as well. Losses from the miners are weighing however, with BHP trading 0.9% lower, and Fortescue Metals slipping 3%.

ax 200 chart

On mainland China markets have opened slightly to the upside, with the Shanghai Composite holding onto a 0.1% gain, and the smaller cap Shenzhen Composite up less than 0.1%. Hong Kong’s Hang Seng has once again opened in positive territory, gaining 0.3% with investors hoping to snap a string of six consecutive losing sessions, although the past four sessions have seen the Hang Seng open higher, only to finish with losses.

Shanghai Composite chart

In South Korea the Kospi has a slight gain of less than 0.1%, and in Taiwan the Taiex is the only losing market so far today, falling 0.2% from the open.

Kospi chart

Southeast Asian markets are having another mixed open, with the Straits Times Index in Singapore up by 0.4%, while Malaysia’s KLCI is 0.1% lower.

Straits times Index chart