Asian markets diverge as Uniqlo soars and Rio Tinto tumbles on merger news
Asian markets showed mixed movements on Friday, with strong gains in Tokyo and Seoul but muted performance in Hong Kong. A surge in Fast Retailing shares and a stellar debut for Chinese AI firm MiniMax stood out among the day’s trading activity. Meanwhile, mining giant Rio Tinto faced a sharp decline after merger talks were announced.
Japan’s Nikkei 225 led gains in the region, climbing 1.1% to close at 51,692.70. The rise was partly driven by Fast Retailing, the company behind Uniqlo, whose shares jumped over 7%. The fashion retailer reported a 34% year-on-year increase in quarterly operating profit, prompting an upward revision of its full-year forecasts.
South Korea’s Kospi also advanced, adding 0.7% to finish at 4,582.95. Taiwan’s Taiex followed with a modest gain of 0.3%. In mainland China, the Shanghai Composite inched up 0.3% to 4,095.33, supported by data showing the country’s inflation rate rising at its fastest pace in nearly three years. Hong Kong’s Hang Seng, however, saw little movement, edging up less than 0.1% to 26,158.21. The market’s subdued performance contrasted with the debut of MiniMax, a Chinese AI startup founded in early 2022 by Yan Junjie, a former SenseTime manager. MiniMax shares surged over 50% in early trading after listing on the Hong Kong Stock Exchange. In contrast, Rio Tinto shares dropped 6% after the mining company confirmed preliminary merger discussions with Glencore. The news weighed on investor sentiment, pulling the stock lower by the end of the session.
Friday’s trading highlighted strong corporate performances in Japan and a standout debut for MiniMax in Hong Kong. Fast Retailing’s profit growth and revised forecasts signalled confidence in its outlook, while Rio Tinto’s merger talks triggered a sell-off. Markets across the region reflected a mix of cautious optimism and selective volatility.
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