Asian Shares Mixed Amid China Concerns

RTTNews | 567 दिनों पहले
Asian Shares Mixed Amid China Concerns

(RTTNews) - Asian stocks turned in a mixed performance on Friday, with Chinese and Hong Kong markets underperforming after wealth manager Zhongzhi Enterprise Group told investors it is heavily insolvent with up to $64 billion in liabilities. Trading volumes were muted due to a holiday in the U.S. for Thanksgiving.

The dollar ticked lower in Asian trade while Treasury yields climbed on expectations that U.S. interest rates will remain elevated.

Gold was little changed but poised for a second weekly gain. Oil prices were on course to post their first weekly gain on hopes of OPEC+ supply cuts.

China's Shanghai Composite index dropped 0.68 percent to 3,040.97, with property stocks in focus on hopes for more supportive policy measures. Beijing prepared a whitelist of developers that would have easy access to financing.

Hong Kong's Hang Seng index fell 1.96 percent to 17,559.42. Chow Tai Fook Jewlery fell nearly 11 percent after revenue in mainland China dropped during the first half of FY24.

Japanese stocks rose in catch-up trade after a holiday on Thursday. The Nikkei average pared early gains to end 0.52 percent higher at 33,625.53 after the release of weaker-than-expected consumer inflation data for October.

The broader Topix index settled 0.54 percent higher at 2,390.94 as a weaker yen bolstered exporters' stocks. Automakers Honda Motor, Nissan, Toyota and Mazda Motor climbed 2-3 percent.

Seoul stocks ended notably lower, with the Kospi average finishing down 0.73 percent at 2,496.63.

Australian markets edged up slightly, with miners, banks and energy stocks leading the surge. The benchmark S&P/ASX 200 rose 0.17 percent to 7,040.80 while the broader All Ordinaries index settled 0.14 percent higher at 7,244.10.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended up 0.21 percent at 11,211.22.

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