Asian stocks ended mixed on Tuesday as all markets reopened following a long holiday weekend. Underlying sentiment remained cautious amid concerns surrounding inflation and China’s economic slowdown from Covid-19 lockdowns.
Chinese shares fluctuated before ending marginally lower after authorities pledged support for businesses hit by the worst COVID-19 outbreak in two years.
Hong Kong’s Hang Seng index fell as much as 2.28 percent to 21,027,76, dragged down by tech stocks after authorities in China announced a ban on the livestreaming of unauthorized video games.
Japan’s Nikkei index gained 0.69 percent to settle at 26,985.09 as a weaker yen boosted export-oriented shares, especially automakers despite Toyota announcing a cut to its production plans for May.
Nissan Motor jumped as much as 3.9 percent while Toyota Motor and Honda Motor added 1-2 percent.
Trading house Mitsubishi Corp advanced 2.3 percent and oil refiner Eneos rose 2.2 percent after reports that they are considering commercialization of sustainable aviation fuel.
Australian markets hit a 3-1/2-month closing high as higher commodity prices helped lift mining and energy stocks. Gold miners also pushed higher, tracking strength in bullion prices.
The benchmark S&P/ASX 200 index rose 0.56 percent to 7,565.20, marking its highest close since Jan. 5.
Minutes of the Reserve Bank board’s most recent meeting showed earlier in the day added more weight to market views that the first rate hike may not be too far off.
Seoul stocks posted strong gains to snap a two-day losing streak. The Kospi average climbed 0.95 percent, to 2,718.89 as investors scooped up large-cap chipmakers following a 2.36-percent overnight rally in the Philadelphia Semiconductor Index.
New Zealand’s benchmark NZX-50 index dipped 0.47 percent to finish at 11,835.88 as trading resumed after the Easter break. Heavyweight Fisher & Paykel Healthcare lost 2.4 percent while Meridian Energy advanced 2.3 percent.
U.S. stocks fluctuated before ending slightly lower overnight as a bond sell-off continued and investors looked ahead to a big week of earnings reports.
The Dow and the Nasdaq Composite both slipped around 0.1 percent while the S&P 500 ended largely unchanged with a negative bias.
Asian Shares Mixed As Growth Worries Weigh
2022-04-19 08:38:39
