Asian Markets Mostly Higher Even As China Imposes Tariffs – Markets Insider

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(RTTNews) – Asian stock markets are mostly higher on Monday, with volumes remaining subdued as some of the markets in the region remained closed for the Easter holiday.

Investors shrugged off news that China has imposed tariffs of up to 25 percent on 128 U.S. products, including frozen pork. Meanwhile, China’s manufacturing activity data for the month of March painted a mixed picture of the world’s second-largest economy.

The Japanese market recovered after a weak start and is advancing, with shares of exporters rising on a weaker yen.

In late-morning trades, the benchmark Nikkei 225 Index is adding 117.33 points or 0.55 percent to 21,571.63, after touching a low of 21,403.89 in early trades.

The major exporters are mostly higher. Sony is adding more than 1 percent, Canon is higher by almost 1 percent and Mitsubishi Electric is up 0.2 percent, while Panasonic is down 0.4 percent.

In the tech space, chipmaker Advantest is rising 3 percent and Tokyo Electron is adding more than 1 percent.

Among the major automakers, Toyota is up 0.4 percent and Honda is advancing 0.5 percent. In the banking sector, Mitsubishi UFJ Financial is edging lower by less than 0.1 percent and Sumitomo Mitsui Financial is declining 0.3 percent.

In the oil space, Inpex is higher by 0.2 percent, while Japan Petroleum Exploration is flat.

Among the market’s best performers, Kansai Electric Power is rising more than 4 percent and Daiichi Sankyo is higher by more than 2 percent.

On the flip side, Kawasaki Heavy Industries is losing almost 2 percent, while Fukuoka Financial and Nisshin Steel are down more than 1 percent each.

In the currency market, the U.S. dollar is trading in the lower 106 yen-range on Monday.

Elsewhere in Asia, Shanghai, Singapore, South Korea and Indonesia are also higher, while Malaysia and Taiwan are modestly lower. Australia, New Zealand and Hong Kong remain closed on Monday for the Easter holiday.

The U.S. and European markets were closed on Friday for the Good Friday holiday.

Crude oil prices rose in Asian trades Monday. WTI crude is currently adding $0.32 or 0.49 percent from its previous settlement to $65.26 a barrel.

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