Dipo Olowookere
By Investors Hub
Asian stocks ended mixed on Friday as continued uncertainty over Brexit and lingering U.S.-China trade tensions kept underlying sentiment cautious going into the weekend.
Chinese stocks advanced after reports Beijing will request the cancellation of some planned and existing U.S. tariffs on Chinese imports in exchange for buying more U.S. agricultural products.
The benchmark Shanghai Composite Index climbed 14.01 points, or 0.5 percent, to 2,954.93 ahead of high-level trade talks later in the day. Hong Kong’s Hang Seng Index dropped 0.5 percent to 26,667.39.
Japanese shares hit a fresh one-year high as semiconductor-related stocks surged after the release of some positive earnings from overseas tech companies.
Underlying sentiment remained somewhat cautious after Japan’s Trade Minister Isshu Sugawara resigned following allegations of election law violations.
The Nikkei 225 Index inched up 49.21 points, or 0.2 percent, to 22,799.81, its highest closing level since October of last year. The broader Topix closed 0.3 percent higher at 1,648.44, its highest closing level in 10-1/2 months.
Tokyo Electron jumped 2.6 percent and Screen Holdings added 2.6 percent after chipmaker Intel beat third-quarter earnings expectations and raised its full-year revenue forecast.
Disco, a precision tools maker for the semiconductor production industry, soared 11.6 percent. Eisai jumped 8.2 percent to extend strong gains from the previous two sessions.
SoftBank dropped 1.2 percent on a Bloomberg report the company is planning to write down at least $5 billion to account for a plunge in the value of some of its biggest holdings, such as WeWork and Uber Technologies.
Australian markets rose notably, led by technology and healthcare stocks. The benchmark S&P ASX 200 Index climbed 45.60 points, or 0.7 percent, to 6,739.20, while the broader All Ordinaries Index ended up 44.30 points, or 0.7 percent, at 6,841.
Medical equipment company Resmed soared 11 percent after its first quarter earnings topped forecasts. Biotechnology firm CSL advanced 1.6 percent and hearing device maker Cochlear rallied 2.6 percent.
Gold miner Newcrest rose 1.3 percent as bullion prices hit a fresh two-week high after the release of weak U.S. economic data.
Mining heavyweight Rio Tinto rose half a percent and Fortescue Metals Group gained 0.8 percent, tracking strength in iron ore and copper prices. Tech stocks followed their U.S. peers higher, with Afterpay Touch Group rising 1 percent.
South Korea’s Kospi inched up 0.1 percent to 2,087.89 after survey results from the Bank of Korea showed the country’s consumer confidence strengthened to a six-month high in October.
The consumer sentiment index came in at 98.6 in October versus 96.9 in September. This was the highest score since April.
