Asian Markets Mixed After President Obama Defers Syria Strikes

Asian markets witnessed mixed trading after US President Barack Obama deferred military strikes against the Syrian government.

The Japanese Nikkei finished 0.01% higher or 1.71 points at 14,425.07.

Australia's S&P/ASX finished 0.64% higher or 33.20 points at 5,234.40.

South Korea's Kospi finished 0.49% higher or 9.79 points at 2,003.85.

India's BSE Sensex was trading 0.45% lower or 90.50 points to 19,906.60.

Hong Kong's Hang Seng was trading 0.37% lower or 84.19 points to 22,892.46.

The Shanghai Composite was trading 0.12% higher or 2.65 points to 2,240.63.

In the US, in a short, 16-minute prime-time address from the White House on 10 September, President Obama said he would give diplomatic efforts a chance in solving the Syrian crisis, but insisted that the US military would be prepared to act if such initiatives failed to yield results.

The US president also postponed a Congress vote on military action against Syrian president Bashar al-Assad's regime over his purported use of chemical weapons.

US Secretary of State John Kerry will meet Russian Foreign Minister Sergei Lavrov in Geneva to explore a diplomatic solution to solve the Syrian crisis.

In other news, South and North Korea agreed to reopen a joint industrial park following a five-month closure, in a bid to boost their economies despite a conflict of interests. Seoul's unification ministry said that the operations at the Kaesong industrial zone in North Korea will be restarted following a trial run on 16 September.

Wall Street Up

On Wall Street, indices ended near session highs on 10 September, boosted by news that President Obama has delayed potential strikes against the Syrian government and by positive economic data from China.

The Dow finished 127.94 points higher at 15,191.06.

The S&P 500 closed 12.28 points higher at 1,683.99 while the Nasdaq ended 22.84 points higher at 3,729.02. Both stock markets have logged gains for six consecutive sessions.

Company Stock Movements

In Tokyo, automakers' stocks benefited from a weaker yen. Mitsubishi Motors shot up 6%, Isuzu Motors added 5.4%, Toyota Motor gained 0.8% while Honda Motor inched up 0.5%.

Battery maker GS Yuasa climbed 5.7% while index heavyweight Softbank added 4%.

Apple-supplier Murata Manufacturing lost 2.6% as the launch of the iPhone 5S smartphone and its lower-cost version, the iPhone 5C, failed to impress market participants.

Commercial real estate developer Taisei lost 2.5% while Kajima was down 1.9%.

In Shanghai, China State Shipbuilding surged 10% after it announced plans to raise over $1bn, to build warships, through a private placement of shares to build warships. China Shipping Container Lines also surged 10%.

China Minsheng Banking and rival Bank of Nanjing added 1% each after data from China's central bank showed that new loan disbursals exceeded expectations in August.

In Hong Kong, Apple-supplier AAC Technologies dropped 5.6%.

In Mumbai, cigarette maker ITC lost 1.4% while ICICI Bank, India's second largest lender by assets, shed 0.9%.

In Sydney, diversified miner Cudeco rose 8% while iron-ore miner Fortescue Metals added 5%. Gold miners Newcrest Mining and Kingsgate Consolidated shed 3% each on lower gold prices.

Retailers Harvey Norman and David Jones gained 2% each after results from a private survey showed that Australian consumer confidence jumped to a 33-month high in September, boosted by record low interest rates and a change in government.

In Seoul, chip maker LG Display lost 3% while LG Electronics shed 1% after rival Apple unveiled its two new iPhone models.