Asian Shares Advance Ahead Of US CPI Data

RTTNews | 575 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.

read more
Sensex, Nifty Marginally Higher In Lackluster Trade

Sensex, Nifty Marginally Higher In Lackluster Trade

Indian shares were marginally higher on Wednesday after top U.S. and Chinese officials agreed on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | 2h 49min ago
Australian Market Trims Early Gains In Mid-market

Australian Market Trims Early Gains In Mid-market

The Australian market is trimming its early gains in mid-market moves on Wednesday, but extending the gains in the previous session, with the benchmark S&P/ASX 200 moving above the 8,600 level to fresh all-time highs, following the positive cues from Wall Street overnight, with gains in iron ore miners, energy and financial stocks partially offset by weakness in gold miners and technology stocks.
RTTNews | 3h 50min ago
Asian Markets Track Wall Street Higher

Asian Markets Track Wall Street Higher

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, amid easing trade war tensions after top U.S. and Chinese officials agreed upon a "framework" to move forward on trade, following two days of high-level talks in London. The framework will first need to be approved by leaders in Washington and Beijing.
RTTNews | 4h 14min ago
Sensex, Nifty Set For Muted Start

Sensex, Nifty Set For Muted Start

Indian shares are seen opening little changed on Wednesday despite top U.S. and Chinese officials agreeing on a "framework" to move forward on trade, following two days of high-level talks in London.
RTTNews | 4h 43min ago
Thai Bourse May Extend Tuesday's Gains

Thai Bourse May Extend Tuesday's Gains

The Thai stock market on Tuesday ended the two-day slide in which it had slipped more than 5 points or 0.4 percent. The Stock Exchange of Thailand now rests just beneath the 1,140-point plateau and it may tick higher again on Wednesday.
RTTNews | 5h 15min ago
Japanese Market Modestly Higher

Japanese Market Modestly Higher

The Japanese stock market is trading modestly higher on Wednesday, extending the gains in the previous three sessions, following the broadly positive cues from Wall Street overnight. The Nikkei 225 is moving above the 38,300 level, with gains across most sectors led by index heavyweights and technology stocks. Financial stocks are a weak spot.
RTTNews | 5h 40min ago
Indonesia Shares May Open To The Upside

Indonesia Shares May Open To The Upside

The Indonesia stock market has moved higher in three straight sessions, gathering almost 190 points or 2.7 percent along the way. The Jakarta Composite Index now rests just above the 7,230-point plateau and it's looking at a firm lead again for Wednesday's trade.
RTTNews | 5h 45min ago