Asian markets are mostly higher Friday despite the renewed coronavirus concerns after China reported a huge jump in cases following a change in their methodology in identifying infected people. Investors are also looking forward to China cutting tariffs in half on $75 billion worth of U.S. goods.
Mainland China’s Shanghai Composite is trading 0.5% higher and the smaller-cap Shenzhen Composite is up by 0.7% as both erase losses suffered in the prior session. In Hong Kong, the Hang Seng has a 0.7% gain in early trade.
Australia’s S&P/ASX 200 is also up by 0.5%, with the big four banks leading the charge higher. Shares of ANZ are up by 0.8%, while NAB has jumped 2.9% higher. Shares of Commonwealth Bank are also gaining 2.2%, and Westpac is rising by 1.4%. Major miners are also modestly higher, but shares of energy companies are falling, despite crude gaining for a third consecutive session overnight.
Japan’s Nikkei is bucking the rising trend and trades down 0.5%, with shares of Sony falling 0.6% and Nintendo losing 0.9%. Leading losses for the day is Nissan Motors, with shares plunging 9.6% after the company completely scrapped its dividend, while also lowering its profit target for the year for a second time. The drop has the stock at a decade low.
Southeast Asian markets are little changed, with Singapore’s Straits Times up 0.2%, while the Jakarta Composite in Indonesia is up less than 0.1%, and the KLCI in Malaysia is down less than 0.1%.