Asian stocks ended mixed on Friday as investors waited to see whether Beijing will deliver more fiscal stimulus at a press conference by the finance ministry on Saturday.
The dollar weakened and gold prices surged as fresh signs of U.S. labor market weakness spurred hopes for more rate cuts.
Oil eased after a rally in the previous session but was on course for a second straight weekly gain on concerns about crude oil supply disruptions stemming from tensions in West Asia.
China’s Shanghai Composite Index tumbled 2.6 percent to 3,217.74 as investors awaited the details of the upcoming fiscal stimulus plans this weekend. Hong Kong markets remained closed on account of the Chung Yeung festival.
Japanese markets advanced on hopes for solid earning after Uniqlo clothing chain Fast Retailing provided a stronger-than-expected net profit forecast for this business year the previous day.
The Nikkei 225 Index rose 0.6 percent to 39,605.80, led by retailers and financials. The broader Topix Index settled 0.2 percent lower at 2,706.20.
Seoul stocks ended little changed, with the Kospi closing marginally lower at 2,596.91, giving up early gains after the Bank of Korea cut interest rates for the first time in four years as anticipated and flagged there was room to reduce further.
Australian markets ended slightly lower, with miners and banks underperforming. Gold miners surged, supported by higher bullion prices.
The benchmark S&P/ASX 200 Index slipped 0.1 percent to 8,214.50, while the broader All Ordinaries Index finished marginally lower at 8,491.50.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 Index climbed 0.7 percent to 12,845.64 as a survey showed activity in the country’s manufacturing sector edged up last month but remained firmly in contraction for the 19th consecutive month.
U.S. stocks ended marginally lower overnight, while longer-dated U.S. Treasury yields edged up in choppy trading, as data showed slightly stickier inflation for September and a big jump in the initial jobless claims to their highest level in a year last week.
Data showed the annual rate of consumer price growth slowed to 2.4 percent in September from 2.5 percent in August, while economists had expected the pace of price growth to slow to 2.3 percent.
The annual rate of core consumer price growth accelerated to 3.3 percent from 3.2 percent in August.
Investors also digested comments from Fed officials and looked forward to earnings from big banks.
The Dow slipped 0.1 percent and the S&P 500 dipped 0.2 percent after hitting record closing highs the previous day. The tech-heavy Nasdaq Composite ended flat with a negative bias.
Business News
Asian Shares Mixed As Investors Await China Policy Briefing
2024-10-11 08:31:50
