Asian markets are mixed on Thursday morning after Hubei province in China reported a spike in the number of coronavirus cases.
Mainland Chinese markets had opened to gains, but the new data reversed that and the Shanghai Composite is 0.2% lower in early trade. The smaller-cap Shenzhen Composite also erased its early gains and is trading 0.2% lower, while over in Hong Kong the Hang Seng has dropped 0.2% as well. Investors could get some good news later in the day with eCommerce giant Alibaba scheduled to report its quarterly earnings later in the day.
In Japan, the Nikkei has a slight gain of less than 0.1% but looks to be headed into the red as well as the Yen is strengthening in response to the news out of China. Shares of Toyota are falling 0.6%, while Softbank is giving back some of the prior session’s gains as it falls 0.4%.
In Australia the S&P/ASX 200 trades up by 0.2%, with miners BHP and Rio Tinto up 0.4% and 0.6% respectively. Energy stocks are mixed after crude gained substantially overnight, and Santos is up 0.8%, but Woodside Petroleum has a 0.9% loss. The big four banks are mostly higher, with NAB leading with a 1.7% gain, while Commonwealth Bank is slipping lower by 0.1%.
In Southeast Asia markets are basically flat, with Singapore, Indonesia, and Malaysia all changed less than 0.1%.