Asian Shares Advance Ahead Of US CPI Data

RTTNews | 576 days ago
Asian Shares Advance Ahead Of US CPI Data

(RTTNews) - Asian stocks advanced on Tuesday as investors eagerly awaited U.S. CPI data and a highly anticipated meeting between U.S. President Joe Biden and Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco.

A cautious undertone prevailed due to concerns about a possible U.S. government shutdown should Congress fail to pass a spending plan by Friday.

The dollar index was up slightly, and gold was marginally lower while oil extended overnight gains as OPEC's revised outlook suggested robust demand for 2023.

China's Shanghai Composite index rose 0.31 percent to 3,056.07 after data showed China's credit growth remained steady in October on the back of a big jump in government bond sales to finance stimulus.

Hong Kong's Hang Seng index edged down 0.17 percent to 17,396.86, giving up earlier gains as caution prevailed ahead of a range of Chinese economic data due Wednesday including reports on retail sales, industrial production and fixed-asset investment.

Japanese shares eked out modest gains as a battered yen, which was stuck near a three-decade low against the dollar, boosted auto stocks.

The Nikkei average rose 0.34 percent to 32,695.93 while the broader Topix index settled 0.37 percent higher at 2,345.29.

Toyota Motor, Nissan and Honda Motor climbed 1-2 percent. Tech stocks such as Advantest and Tokyo Electron jumped 3-4 percent.

A former BoJ official stated that the central bank is likely to raise short-term rates to around 0.0 percent from -0.1 percent in April 2024.

Seoul stocks recovered from a one-week low, with the Kospi average climbing 1.23 percent to 2,433.25 led by battery makers, tech and chemical stocks. LG Chem, Naver, Kakao and LG Energy Solution jumped 3-5 percent.

Australian markets recovered from a 11-month low despite a measure of consumer sentiment deteriorating in November amid higher interest rates.

The benchmark S&P/ASX 200 jumped 0.83 percent to 7,006.70, marking its highest level since Nov. 9 as higher iron ore prices lifted miners.

Heavyweights BHP and Rio Tinto rose 1.4 percent and 2 percent, respectively while smaller rival Fortescue Metals Group surged 2.7 percent. Energy stocks also rallied, with Santos gaining 2.5 percent.

The broader All Ordinaries index closed 0.87 percent higher at 7,207.10 ahead of wages and employment data due later in the week.

Across the Tasman, New Zealand benchmark S&P/NZX 50 index ended 0.72 percent higher at 11,173.28.

U.S. stocks ended mixed overnight amid lingering concerns regarding the country's fiscal deficits and debt affordability.

Underlying sentiment was underpinned after the New York's Fed survey showed American consumers' short-term inflation expectations fell in October.

The Dow inched up 0.2 percent while the tech-heavy Nasdaq Composite slipped 0.2 percent and the S&P 500 finished marginally lower following Friday's strong rally.

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