Asian stocks ended mixed on Wednesday as China’s stimulus rally fizzled out, the conflict in the Middle East persisted and investors awaited Federal Reserve meeting minutes as well as U.S. inflation data for interest rate clues.
The dollar held steady after a notably rally and gold drifted lower while oil recovered some ground, after having fallen more than 4 percent on Tuesday following reports of a possible Hezbollah-Israel ceasefire.
Chinese stocks plunged as investors booked profits after recent rallies. The benchmark Shanghai Composite Index slumped 6.6 percent to 3,258.86 after officials failed to boost confidence in stimulus plans aimed at reviving the economy.
Hong Kong’s Hang Seng Index fluctuated before finishing 1.4 percent lower at 20,637.24 after reports emerged that China’s finance ministry will hold a briefing on fiscal policy on Saturday.
Japanese markets advanced as tech stocks tracked their U.S. peers higher. The Nikkei 225 Index climbed 0.9 percent to 39,277.96, while the broader Topix Index settled 0.3 percent higher at 2,707.24.
Nvidia supplier Advantest jumped 3.7 percent, Tokyo Electron added 1.2 percent and technology investor SoftBank Group rose 1.3 percent.
Seven & I Holdings surged 4.7 percent after Canada’s Alimentation Couche-Tard increased its offer for the retailer by more than 20 percent.
Uniqlo-owner Fast Retailing, which is set to announce its earnings results after the closing bell on Thursday, rose 1.1 percent.
South Korean financial markets were closed for a public holiday.
Australian markets edged up slightly as banks rose for a third straight session, offsetting declines in the mining and energy sectors.
The benchmark S&P/ASX 200 Index inched up 0.1 percent to 8,187.40, while the broader All Ordinaries Index ended 0.2 percent higher at 8,456.80.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 Index rallied 1.8 percent to 12,776.13 after the country’s central bank lowered rates by 50 basis points as expected, citing continued progress towards stabilizing inflation, and the need to shore up economic growth.
U.S. stocks closed higher overnight, with tech stocks outperforming due to easing of Treasury yields and ahead of the third-quarter earnings season.
The Dow edged up 0.3 percent, the S&P 500 rallied 1 percent and the tech-heavy Nasdaq Composite surged 1.5 percent.
Business News
Asian Shares Mixed As China Rally Fizzles
2024-10-09 08:34:20
