Asian shares ended Thursday’s session on a mixed note as China deflation worries persisted and caution crept in ahead of U.S. consumer price inflation data due later in the day that might offer clues to the Federal Reserve’s policy path.
The dollar slipped in Asian trade, helping gold prices push higher. Oil edged up in choppy trade to hover near multi-month highs after data indicated robust fuel demand in the United States.
Chinese shares edged up slightly, with the Shanghai Composite index inching up 0.31 percent to 3,254.56 on hopes that policymakers will unveil more stimulus measures to boosting recovery in the world’s second largest economy.
Hong Kong’s Hang Seng finished little changed at 19,248.26 after U.S. President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies.
Japanese shares rose sharply after Honda Motor and Inpex posted strong earnings results. Honda shares surged 5.9 percent and Inpex soared 16.6 percent.
Entertainment conglomerate Sony tumbled 3.2 percent after reporting a 31 percent fall in the April-June quarter operating profit.
The Nikkei average rallied 0.84 percent to 32,473.65 ahead of a holiday on Friday. The broader Topix index settled 0.92 percent higher at 2,303.51.
Seoul stocks followed Wall Street lower, with the Kospi average finishing 0.14 percent lower at 2,601.56. Market bellwether Samsung Electronics fell 1.3 percent and battery maker Samsung SDI declined 1.9 percent.
Australian markets eked out modest gains as higher oil prices lifted energy stocks. Miners also advanced while tech stocks were among the biggest drags.
QBE Insurance fell 1.2 percent after its half-year profit missed estimates. The benchmark S&P ASX 200 rose 0.26 percent to 7,357.40 while the broader All Ordinaries index ended 0.33 percent higher at 7,568.50.
Across the Tasman, New Zealand’s benchmark S&P NZX-50 index slipped 0.22 percent to 11,811.77.
U.S. stocks ended a choppy session lower overnight as investors awaited key inflation readings that could provide clues to the Fed’s monetary policy path.
The Dow dropped half a percent, while the S&P 500 shed 0.7 percent and the tech-heavy Nasdaq Composite lost 1.2 percent to reach their lowest closing levels in a month.
Business News
Asian Shares Mixed Ahead Of US CPI Data
2023-08-10 08:34:43
