Asian Shares Mixed On China Worries, Hawkish Fed Comments

(RTTNews) - Asian stocks ended mixed on Thursday, with worries about ongoing China's COVID curbs and hawkish remarkets from a slew of Federal Reserve officials keeping investors nervous.

Chip stocks were hammered after Micron Technology warned about excess inventories and sluggish demand.

The U.S. dollar gained ground and U.S. 10-year Treasury yields recovered modestly from a six-week low after strong retail sales data released overnight dented hopes for a pause in rate increases.

Gold dipped on dollar strength while oil extended losses on China demand worries after daily COVID cases surged again in the country.

China's Shanghai Composite index slipped 0.15 percent to 3,115.43 as a flare-up in domestic COVID-19 cases spurred concerns over more lockdowns.

In its third-quarter monetary policy report released on Wednesday, China's central bank pledged to keep liquidity reasonably ample but warned of a rebound in inflation in the future.

Hong Kong's technology-heavy Hang Seng index dropped 1.15 percent to 18,045.66 after the Philadelphia SE Semiconductor Index plunged 4.3 percent on Wednesday.

Japanese shares ended a tad lower after data showed the country' trade deficit widened more than expected in October.

The Nikkei average dropped 0.35 percent to 27,930.57 while the broader Topix index closed 0.15 percent higher at 1,966.28. Tech stocks led losses, with Advantest, Tokyo Electron and Screen Holdings declining 2-3 percent.

Seoul stocks fell sharply amid waning optimism over a potential reopening in China. The Kospi average dipped 1.39 percent to close at 2,442.90. Samsung Electronics declined 2.1 percent and SK Hynix tumbled 4.2 percent amid deepening concerns over a global economic downturn.

Australian markets eked out modest gains after data showed the country's jobless rate unexpectedly fell in October.

The benchmark S&P ASX 200 rose 0.19 percent to 7,135.70 while the broader All Ordinaries index ended 0.16 percent higher at 7,339.

OZ Minerals shares remained in a trading halt as BHP is rumored to float a sweetened offer for the company.

Webjet soared 10.1 percent after the travel agency said it is on track to exceed pre-pandemic profitability in fiscal 2023.

Across the Tasman, New Zealand's S&P NZX-50 index gained 0.57 percent to settle at 11,294.52 with heavyweight Fisher & Paykel Healthcare leading the surge.

U.S. stocks fell overnight as investors reacted to retail giant Target's warning of weaker holiday spending and a mixed batch of data on retail sales, industrial production and homebuilder confidence.

The tech-heavy Nasdaq Composite tumbled 1.5 percent while the S&P 500 gave up 0.8 percent and the Dow slipped 0.1 percent.