Dipo Olowookere
By Investors Hub
Asian stocks ended mixed on Thursday as caution set in after recent string of gains on optimism that the U.S. and China are closer to a trade deal that would put an end to their ongoing trade war. Brexit developments and the upcoming U.S. jobs report also remained on investors’ radar.
Chinese shares ended at more than a one-year high as investors looked ahead to a meeting between U.S. President Donald Trump and Chinese Vice Premier Liu He in Washington later today.
The benchmark Shanghai Composite Index advanced 30.28 points or 0.9 percent to 3,246.57 amid reports that Beijing will cut government-related fees and service charges to reduce costs for companies and individuals beginning July 1. However, Hong Kong’s Hang Seng Index dipped 50.07 points or 0.2 percent to 29,936.32.
Japanese shares fluctuated before finishing marginally higher, led by carmakers and cyclical shares. The Nikkei 225 Index crept up 11.74 points or 0.1 percent to 21,724.95 points, its highest closing level since March 5. The broader Topix closed 0.1 percent lower at 1,620.05, giving up earlier gains.
Honda Motor rose 0.9 percent and Toyota Motor gained 0.7 percent as tariff worries eased. Chipmakers also gained ground, with Advantest rising 2.1 percent and Sumco adding 1.7 percent after the Philadelphia Semiconductor index surged up more than 2 percent to a record high on Wednesday.
Nomura Holdings fell 1.5 percent on a Nikkei report that the brokerage plans to shut down about 20 percent of its 156 retail branches in Japan.
Meanwhile, Australian markets fell sharply to snap a seven-day winning streak, with miners and banks pacing the decliners.
The benchmark S&P/ASX 200 Index dropped 52.20 points or 0.8 percent to 6,232.80, while the broader All Ordinaries Index ended down 48.30 points or 0.8 percent at 6,320.40.
Woodside Petroleum, Santos, Origin Energy and Oil Search fell 1-2 percent as oil prices declined after U.S. government data showed a surprise build in crude inventories. Oilfield services firm WorleyParsons tumbled 3 percent.
Miners BHP, Rio Tinto and Fortescue Metals Group declined between 0.7 percent and 1.2 percent. Gold miner Newcrest lost 2.5 percent after gold prices edged lower overnight.
The big four banks ended down between 0.2 percent and 0.7 percent. GrainCorp rallied 2.2 percent after the bulk grain handler unveiled plans to spin off its malting business.
IOOF Holdings shed 1.5 percent after the beleaguered wealth manager announced the permanent departure of managing director Christopher Kelaher.
