Asian shares show mixed performance
On Tuesday, Asian shares demonstrated mixed performance, as crude prices sank and the greenback weakened ahead of a major gathering of the American Fed at Jackson Hole, this week.
The Nikkei Stock Average traded 0.3% lower on yen strength. Meanwhile, Australian S&P/ASX 200 edged up 0.8% because demand for dollar-denominated metals went up as they became more affordable to purchase. The Hang Seng Index descended 0.4% with the Shanghai Composite Index almost intact and South Korean Kospi up 0.2%.
The firmer Japanese yen weighed on Japanese exporters by simply making them less competitive, with car makers Honda Motor Co. Ltd. down 2.3% as well as Mazda Motor Corp. losing 2.5% of its value. Meanwhile, in Australia, energy shares were weighed by crude’s price tumbles, with Oil Search Ltd. trading down 0.4%, while Woodside Petroleum Ltd. sank 0.8%.
Financial analysts point out that there’s still a sort of end of summer trade of low volumes as well as low volatility. From their point of view, the financial world is witnessing a bit of that in the Asian session.