Asian stocks ended mixed on Tuesday following sluggish overnight cues from Wall Street and Europe. The upside, if any, remained capped before key U.S. inflation data out later in the day that might offer some clarity over the path of interest rates.
The dollar steadied and gold slipped from record highs, while oil prices rose about half a percent ahead of the release of monthly reports from producer group OPEC and the International Energy Agency, the world’s most closely watched forecasters of oil demand growth.
China’s Shanghai Composite Index dropped 0.4 percent to 3,055.94 on persistent fears over weak demand in the country.
Hong Kong’s Hang Seng Index soared 3.1 percent to 17,093.50, helped by gains in the technology sector.
Property developer China Vanke surged over 10 percent amid expectations that large banks may step up support for the company.
Japanese markets cut steep early losses to end on a flat note as the yen slipped in reaction to BoJ Governor Ueda’s dovish remarks, heading into next week’s policy meeting.
Ueda noted that while the economy was on a path of moderate recovery, there are pockets of weakness in consumption.
In addition, Finance Minister Shunichi Suzuki said the Japanese economy hasn’t completely overcome deflation yet.
The Nikkei 225 Index hit an over two-week low before finishing marginally lower at 38,797.51. The broader Topix Index slipped 0.4 percent to 2,657.24 after the release of mildly stronger-than-expected producer price inflation data.
Seoul stocks rose notably, with the Kospi climbing 0.8 percent to 2,681.81. LG Electronics jumped 2.4 percent after it acquired a stake in Silicon Valley startup Bear Robotics.
Australian markets ended slightly higher, giving up some initial gains. The benchmark S&P/ASX 200 Index settled 0.1 percent higher at 7,712.50, led by gold miners and technology stocks. The broader All Ordinaries Index edged up 0.1 percent to 7,973 after Monday’s big plunge.
Across the Tasman, New Zealand’s S&P/NZX-50 Index fell 0.4 percent to 11,829.18.
U.S. stocks ended lower for a second straight session overnight as Treasury yields edged up ahead of key inflation data release.
The Dow edged up 0.1 percent, while the S&P 500 slipped 0.1 percent and the tech-heavy Nasdaq Composite gave up 0.4 percent.
Business News
Asian Shares Mixed Before U.S. Inflation Data
2024-03-12 08:39:54
