Nikkei at 7½-year high; Chinese stocks brush off latest tariffs
Asian stock markets rose in early trading Wednesday, as Japanese stocks jumped further amid added gains for dollar-yen and bond yields and Chinese stocks shrugged off new tariffs.
Japan‘s Nikkei NIK, +1.08% was up 1.4%, returning to late-January levels after having already bounced 3.6% the prior three trading days, finishing Tuesday at 7½-year highs. Life insurers Dai-ichi Life 8750, +4.21% and T&D 8795, +3.47% were up some 3% as yields on 10-year Treasurys (of which the firms are investors) have risen to 3.05%. The dollar USDJPY, +0.05% was at ¥112.34, versus ¥111.95 at the end of Tokyo stock trading Tuesday.
Hong Kong stocks were modestly higher, following yesterday afternoon’s rebound on the back of the surge in Chinese equities. The Hang Seng Index HSI, +1.19% was up 0.5%, as insurance giant Ping An 2318, +2.39% climbed 1.7%. Tencent 0700, +1.13% , meanwhile, rebounded 1.7%. And with the overnight jump in oil prices, CNOOC 0883, +2.47% rose more than 2% to fresh four-year highs.
Stocks in mainland China advanced as well, despite China’s $60 billion in retaliatory tariffs on U.S. goods. The Shanghai Composite SHCOMP, +1.14% was up 0.5% while the Shenzhen Composite 399106, +1.36% rose 0.4%.
Korea’s Kospi SEU, -0.02% was up 0.4% as Samsung 005930, +1.43% rose almost 1%. Taiwan’s Taiex Y9999, +0.90% gained 0.6% as tech stocks mostly rose.
Australia’s ASX 200
XJO, +0.46% posted modest gains as mining and energy companies, such as BHP BHP, +2.92% , Rio Tinto RIO, +3.06% and Fortescue FMG, +4.70% surged. New Zealand’s NSX-50 NZ50GR, +0.31% rose slightly.
Benchmarks in Singapore STI, +1.19% , Malaysia FBMKLCI, +0.43% and Indonesia JAKIDX, -0.21% rode the regional wave as well.