Asian Shares Gain As Dollar And Yields Ease

(RTTNews) - Asian stocks rose broadly on Thursday, as the dollar and U.S. Treasury yields retreated from recent highs and Taiwan Semiconductor Manufacturing Corp, the world's largest producer of advanced processors, clocked a stronger-than-expected first-quarter profit on strong AI chip demand.

The result contrasted Wednesday's disappointing earnings from chipmaking supplier ASML.

Investors slashed Fed rate-cut bets and waited to see how Israel will respond to the Iranian attack.

China's Shanghai Composite index finished marginally higher at 3,074.22, giving up some early gains as fund manager Allspring Global said in a note that valuations call for a substantial rally in Chinese shares.

Hong Kong's Hang Seng index jumped 0.82 percent to 16,385.87, led by heavyweight insurers, casino operators and banks.

Japanese markets eked out modest gains after an unusual trilateral agreement between the U.S., Japan and Korea to consult closely on foreign exchange.

The Nikkei average rose 0.31 percent to 38,079.70, gaining for the first time in four sessions. The broader Topix index settled 0.54 percent higher at 2,677.45., led by banks and chip-sector shares.

Advantest surged 5.1 percent, Concordia Financial Group jumped 4.8 percent and Chiba Bank rallied 3.5 percent.

Seoul stocks spiked, with the Kospi average rising 1.95 percent to 2,634.70 after four consecutive sessions of declines. Chipmaker SK Hynix rose 2 percent while battery makers LG Energy Solution and Samsung SDI rallied 3.4 percent and 5 percent, respectively.

Australian stocks closed higher after five sessions of losses. The benchmark S&P ASX 200 rose 0.48 percent to 7,642.10, with miners and banks leading the surge. The broader All Ordinaries index ended 0.48 percent higher at 7,898.90.

Investors shrugged off weak labor market data, which showed the unemployment rate in the country rose slightly to 3.8 percent in March.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index dropped 0.33 percent to 11,836.04.

U.S. stocks ended lower overnight as Middle East tensions remained high and hawkish Fed commentary dashed investor hopes for multiple rate cuts this year.

The Dow slipped 0.1 percent, while the S&P 500 and the the-heavy Nasdaq Composite shed 0.6 percent and 1.2 percent, respectively to extend losses for a fourth day running.