Asian stocks turned in a mixed performance on Tuesday as ceasefire talks between Israel and Gaza stalled, and more Federal Reserve officials warned about upside risks to inflation.
Amid much uncertainty about the interest rate outlook, investors looked ahead to crucial U.S. inflation data, the minutes of the Fed’s March policy meeting and the ECB rate decision for directional cues.
Upcoming earnings from U.S. banks JPMorgan, Wells Fargo and Citigroup also remained on investors’ radar.
China’s Shanghai Composite index finished marginally higher at 3,048.54 ahead of key inflation and trade data due on Thursday and Friday, respectively.
Hong Kong’s Hang Seng index climbed 0.57 percent to 16,828.07 after the city’s leader John Lee said the authorities were considering more measures to boost stock market.
Japanese shares rose sharply as the yen approached the 152-per-dollar level on speculation that authorities will not act on the warnings of intervening in the currency markets.
The Nikkei average rallied 1.08 percent to 39,773.13 while the broader Topix index settled 0.97 percent higher at 2,754.69.
Advantest rose 1.1 percent, Tokyo Electron jumped 3.5 percent and Screen Holdings climbed 2.5 percent after the U.S. government said it would provide up to $6.6 billion in direct funding to Taiwan Semiconductor Manufacturing Co., the world’s largest chipmaker, to assist the construction of factories in Arizona.
Seoul stocks closed lower amid caution ahead of parliamentary elections and the Bank of Korea’s rate decision. The Kospi average slipped 0.46 percent to 2,705.16.
Australian markets closed higher led by miners. Heavyweight BHP gained 2 percent and Rio Tinto jumped 3 percent as industrial metal prices extended gains on expectations of a worldwide manufacturing rebound.
The benchmark S&P ASX 200 rose 0.45 percent to 7,824.20 while the broader All Ordinaries index closed up 0.45 percent at 8,081.20.
Investors shrugged off the results of a private survey showing that Australian consumer sentiment weakened further in early-April.
Across the Tasman, New Zealand’s benchmark S&P NZX-50 index fell 0.47 percent to 11,916.78.
U.S. stocks fluctuated before eventually closing narrowly mixed overnight as 10-year yields spiked to five-month highs ahead of commentary from Fed officials and more U.S. data, including the closely watched inflation readings.
The Dow and the S&P 500 both slipped marginally while the tech-heavy Nasdaq Composite ended flat with a positive bias.
Market Analysis
Asian Shares Mixed Ahead Of Key Inflation Readings
2024-04-09 08:31:13
