Asian stocks traded mostly higher on Tuesday as traders return to their desks after Easter holidays. Chinese shares were underperforming on concerns that tensions across the Taiwan Strait may devolve into any kind of conflict.
Gold edged higher on a softer dollar as investors await U.S. inflation and retail sales reports. Crude prices edged up after settling lower overnight on heightened expectations of another Federal Reserve rate hike in May.
China’s Shanghai Composite index was down 0.3 percent as the country ended three days of military drills around Taiwan.
China’s military exercises have caused instability in Taiwan and the region and are irresponsible acts for a major country, Taiwan President Tsai Ing-wen said.
Meanwhile, China’s consumer inflation eased last month despite a pickup in economic activity, while producer prices remained in deflation, data showed earlier today.
Hong Kong’s Hang Seng index climbed more than 1 percent, led by property developers and healthcare stocks.
Japan’s Nikkei average rallied 1.1 percent after the new Bank of Japan (BOJ) Governor Kazuo Ueda vowed to maintain the bank’s ultra-loose monetary policy.
South Korea’s Kospi average gained 0.8 percent as the Bank of Korea held its policy rate steady, in line with expectations.
Australia’s benchmark S&P/ASX 200 climbed 1.3 percent amid broad-based gains. Gold miner Newcrest jumped nearly 5 percent after receiving a sweetened offer from Newmont Corp.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index was marginally higher.
U.S. stocks ended mixed overnight, and the dollar rose as markets contended with uncertainty around the Fed’s actions following last week’s monthly jobs report.
The Dow rose 0.3 percent and the S&P 500 inched up 0.1 percent while the tech-heavy Nasdaq Composite ended flat with a negative bias.
European markets were closed for the Easter holidays.
Asian Shares Rise In Cautious Trade
2023-04-11 02:07:26
