Asian Shares Mixed As China COVID Concerns Weigh

(RTTNews) - Asian stocks turned in a mixed performance on Wednesday as investors fretted about a surge in new infections in some Chinese cities and monitored the U.S mid-term election results. Thursday's U.S. CPI data also remained on investors' radar.

Chinese shares ended lower as COVID-19 cases in the country continued to surge and inflation data painted a rather gloomy picture. The benchmark Shanghai Composite index slipped 0.53 percent to close at 3,048.17.

China's consumer inflation slowed more than expected in October, while the annualized producer price index fell for the first time in October since December 2020, separate reports showed.

Hong Kong's Hang Seng index fell 1.20 percent to 16,358.52 on concerns that a Republican win in U.S. mid-term elections may lead to increased scrutiny on Chinese tech firms.

Japanese shares fell from a two-month high as energy stocks declined offsetting gains in the tech sector. The Nikkei average dropped 0.56 percent to 27,716.43, while the broader Topix index closed 0.41 percent lower at 1,949.49.

Inpex Corp gave up 3 percent after a sharp fall in crude prices overnight on China demand concerns. Electric-vehicle battery manufacturer GS Yuasa lost 7.4 percent on reporting disappointing earnings.

Nintendo plummeted 7.1 percent after the videogame maker reduced its Switch sales forecast for the year ending March 2023.

Seoul stocks extended gains for a fourth straight session as investors watched the U.S. midterm election results.

The Kospi average climbed 1.06 percent to 2,424.41 as the Korean won strengthened amid continued buying by foreign investors. SK Hynix gained 1.7 percent and LG Chem added 3.5 percent.

Australian markets rose for a fourth consecutive session as higher iron ore prices lifted mining stocks. The benchmark S&P/ASX 200 rose 0.58 percent to 6,999.30 while the broader All Ordinaries index gained 0.52 percent to end at 7,187.40.

Miners BHP, Rio Tinto and Fortescue Metals Group rallied 2-3 percent. National Australia Bank fell 0.9 percent after flagging slower lending growth from rising interest rates.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index finished marginally lower at 11,143.48.

U.S. stocks rose for a third straight session overnight as traders awaited the outcome of the U.S. midterm elections, which could affect influence government spending, new taxes and regulations.

The Dow rallied 1 percent to reach over two-month highs, while the tech-heavy Nasdaq Composite rose half a percent and the S&P 500 gained 0.6 percent.