Asian stocks ended on a mixed note Wednesday as worries over rate cuts persisted, and investors awaited the release of U.S. and Eurozone inflation readings as well as Chinese PMI data this week for near-term direction.
Soft durable goods orders and consumer confidence data weighed on the dollar index, while oil and gold prices dipped slightly in Asian trading.
With several Federal Reserve officials warning against cutting U.S. interest rates too soon, the spotlight is on the key PCE price index data due Thursday.
Chinese markets tumbled due to increased concerns surrounding the country’s beleaguered property market.
The benchmark Shanghai Composite index slumped 1.91 percent to 2,957.85 as Country Garden Holdings grappled with a liquidation petition in a Hong Kong court over its failure to repay a HK$1.6 billion ($200 million) loan.
Shares of the embattled developer plummeted 12.5 percent in Hong Kong while the Hang Seng index fell 1.51 percent to close at 16,536.85.
Japanese shares ended little changed as investors locked in profits after recent strong gains.
The Nikkei average finished marginally lower at 39,208.03 on speculation about BOJ policy shift. The broader Topix index slipped 0.13 percent to 2,674.95.
Seoul stocks rebounded after two straight sessions of losses. The Kospi average gained 1.04 percent to end at 2,652.29 as market watchdog chief warned that companies could face penalties for failing to boost shareholder returns in the long run.
Australian markets finished marginally lower after data showed inflation remained at a two-year low in January, dampening rate hike expectations.
Financials declined, offsetting gains in the mining sector after iron ore prices rebounded overnight.
Across the Tasman, New Zealand’s benchmark S&P/NZX 50 index rose 0.59 percent to 11,763.32 as the Reserve Bank of New Zealand held the cash rate steady at 5.5 percent and trimmed the forecast peak for rates.
U.S. stocks fluctuated before ending mixed overnight as weak economic data stirred expectations of an earlier-than-anticipated rate hike by the Federal Reserve.
Orders for long-lasting U.S. manufactured goods fell by the most in nearly four years in January while there was an unexpected deterioration. consumer confidence in February, separate data revealed.
The tech-heavy Nasdaq Composite rose 0.4 percent and the S&P 500 added 0.2 percent while the Dow eased 0.3 percent.
Market Analysis
Asian Shares Mixed As Rate Cut Worries Persist
2024-02-28 08:40:35
