Asian Shares Mixed Ahead Of US Inflation Print

(RTTNews) - Asian stocks ended mixed on Thursday while the dollar was stable as investors awaited the Federal Reserve's preferred inflation gauge later in the day that will help identify the path forward for U.S. interest rates.

Gold edged up slightly while oil extended overnight losses after data showed a larger than expected increase in U.S. crude inventories in the week ended February 23rd.

Chinese markets rallied after the country's securities regulator said it would tighten scrutiny of derivative businesses in the stock market.

Investors also pinned hopes that more aggressive stimulus steps will emerge from next week's annual session of the National People's Congress.

The benchmark Shanghai Composite index jumped 1.94 percent to 3,015.17 while Hong Kong's Hang Seng index settled 0.15 percent lower at 16,511.44.

Japanese shares edged down slightly, and the yen rose against the dollar after a Bank of Japan (BOJ) official called for an overhaul of the central bank's ultra-loose monetary policy, including an exit from negative interest rates and bond yield control.

The Nikkei 225 average slid 0.11 percent to 39,166.19 while the broader Topix index finished marginally higher at 2,675.73.

Chip-making equipment maker Tokyo Electron reversed early losses to end 1 percent higher. Tech investor SoftBank lost 1.5 percent while Fast Retailing, owner of clothing brand Uniqlo, ended on a flat note.

Aozora Bank soared 9.5 percent after activist fund City Index Eleventh said it had built a 5.4 percent stake in the Tokyo-based bank.

Convenience store chain Seven & i Holdings rallied 6.2 percent after reports it may sell a supermarket unit to investment funds.

Japan's Industrial output fell at the fastest pace in nearly 4 years in January while retail sales grew more than expected in the month, separate data showed earlier in the day.

Seoul stocks fell modestly ahead of the March 1 Independence Movement Day holiday. The Kospi average dropped 0.37 percent to 2,642.36.

Samsung Biologics, Celltrion, Naver and Kakao lost 3-5 percent.

Carmakers bucked the weak trend, with Hyundai Motor rising 1 percent and Kia surging 5.8 percent.

Australian stocks closed at a record high as data showed retailers kicked off the new year on a positive note.

The benchmark S&P/ASX 200 rose half a percent to 7,698.70 while the broader All Ordinaries index added 0.54 percent to close at 7,959.50.

Real estate stocks advanced on expectations that the Reserve Bank of Australia will fast track rate cuts. Charter Hall Group rallied 2.4 percent and Goodman Group jumped 3.8 percent.

Star Entertainment soared 8.3 percent after half-year profits topped forecasts. South32 gained 4.6 percent after the diversified miner said it is selling its Illawarra metallurgical coal project in New South Wales.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index ended down 0.19 percent at 11,741.47.

U.S. stocks ended lower overnight as revised data showed the U.S. economy grew by slightly less than previously estimated in the fourth quarter of 2023, raising optimism the Fed can cut rates sooner.

The Dow finished marginally lower to extend losses for the third consecutive session while the S&P 500 eased 0.2 percent and the tech-heavy Nasdaq Composite shed 0.6 percent.