Asian Shares Mixed As Investors Await Key US Data

Asian stocks moved in a tight range before ending mixed on Thursday as investors looked ahead to the release of U.S. producer price inflation, retail sales and jobless claims data, due out later in the day for cues on inflation and interest rates.

The dollar index held steady in Asian trading while gold ticked lower after surging to record highs earlier this week.

Oil held overnight gains, with Brent crude futures nearing 2024 highs after Ukraine attacked major Russian oil refineries with drones and the EIA and API reported lower U.S. stockpiles.

China’s Shanghai Composite index slipped 0.18 percent to 3,038.23 ahead of upcoming new loans data and the PBOC rate decision.

Hong Kong’s Hang Seng index dropped 0.71 percent to 16,961.66 ahead of earnings announcements next week.

While tech stocks led losses, property developers Longfor Group and China Resources Land advanced on expectations authorities will roll out more policies to support the sector.

Japanese shares rebounded after three days of losses on jitters ahead of next week’s BOJ policy meeting.

Recent data and the outcome of the spring wage negotiations have laid the ground for some speculation over the central bank ending its negative interest rate and yield curve control policies.

The Nikkei 225 average edged up 0.29 percent to 38,807.38 while the broader Topix index settled 0.49 percent higher at 2,661.59.

Seoul stocks rose sharply, with the Kospi average climbing 0.94 percent to 2,718.76 – extending gains for a third straight session to hit an almost two-year high. Financials and automakers led the upward march.

Australian markets ended in the red, with banks and information technology stocks leading losses ahead of next week’s RBA’s interest rate decision.

The benchmark S&P ASX 200 slipped 0.20 percent to 7,713.60 while the broader All Ordinaries index closed 0.19 percent lower at 7,974.

Mining giant BHP rallied 2.7 percent after a jump in copper prices.

Rare earths miner Arafura surged almost 77 percent after Commonwealth govt approved a $533 million debt finance package to support the company’s Nolans Project.

Across the Tasman, New Zealand’s benchmark S&P NZX-50 index finished marginally lower at 11,808.33.

U.S. stocks ended mostly lower overnight as investors booked profits in chipmaker stocks and awaited cues from next week’s FOMC meeting. Oil prices jumped to a four-month high, reviving inflation concerns.

The tech-heavy Nasdaq Composite gave up half a percent and the S&P 500 shed 0.2 percent while the Dow inched up marginally to extend gains for the third consecutive session.