Asian Shares Mostly Higher Despite Rate Hike Worries

RTTNews | 582 दिनों पहले
Asian Shares Mostly Higher Despite Rate Hike Worries

(RTTNews) - Asian stocks ended Thursday's session mostly higher despite uncertainty surrounding the Federal Reserve's rate hike path and signs of intensifying downward pressures on prices in China.

The dollar index held steady in Asian trade after three sessions of gains. Bond yields inched lower despite Fed officials sounding hawkish tones.

Gold was little changed while oil ticked up after dropping to three-month lows on Wednesday on concerns over waning demand in the U.S. and China.

China's Shanghai Composite index fluctuated before finishing marginally higher at 3,053.28. Hong Kong's Hang Seng index slipped 0.33 percent to 17,511.29.

Official data showed earlier in the day that China's consumer price inflation fell 0.2 percent year-on-year in October while factory-gate prices declined 2.6 percent, falling for a 13th month in a row and raising concerns over domestic demand.

Japanese shares rallied after reports that Prime Minister Fumio Kishida had decided against calling an election before the end of the year.

The Nikkei average jumped 1.49 percent to 32,646.46, snapping a two-day losing streak. The broader Topix index settled 1.26 percent higher at 2,335.12.

Energy stocks outperformed, with Cosmo Energy Holdings climbing almost 9 percent after raising its profit forecast.

Watch and calculator maker Casio soared 7 percent after announcing better-than-expected financial results. Nintendo added 5.6 percent after confirming it's making a live-action Legend of Zelda movie.

Seoul stocks eked out modest gains, with the Kospi average closing up 0.23 percent at 2,427.08. Battery makers suffered losses, with Samsung SDI losing 2.3 percent and LG Energy Solution falling 1.9 percent.

Australian markets finished at a three-week high, led by banks and miners. The benchmark S&P ASX 200 rose 0.28 percent to 7,014.90 while the broader All Ordinaries index ended 0.23 percent higher at 7,215.10. Lender NAB fell 0.8 percent, reversing early gains after annual cash profit came in below expectations.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index rose 0.42 percent to 11,197.66.

Fonterra Co-Operative Group shares advanced 1.9 percent after the dairy exporter said that medium-term outlook for its New Zealand dairy market remained positive.

U.S. stocks fluctuated before ending mixed overnight and Treasury yields pulled back as the Treasury Department's auction of $40 billion worth of ten-year notes attracted average demand.

The Dow eased 0.1 percent while the S&P 500 and the tech-heavy Nasdaq Composite finished marginally higher to extend their winning streak to eight and nine sessions, respectively.

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