Asian Shares Mixed On China Growth Concerns

(RTTNews) - Asian stocks ended mixed on Wednesday amid concerns about China's uneven economic recovery and little progress in U.S. debt ceiling talks.

China's Shanghai Composite index slipped 0.21 percent to 3,284.23 on signs that the country's post-COVID economic recovery is losing momentum.

Property developers extended losses after data showed that Chinese house prices fell for an eleventh straight month in April.

Hong Kong's Hang Seng index fell 2.09 percent to 19,560.57. Search engine giant Baidu dropped about half a percent despite reporting better-than-expected first-quarter revenue and profit. Alibaba edged down slightly ahead of its earnings release due Thursday.

Japanese shares posted strong gains, with sentiment buoyed by a weaker yen, encouraging domestic earnings and stronger-than-expected first quarter economic growth data.

The Nikkei average jumped 0.84 percent to 30,093.59, closing above the key psychological 30,000 level for the first time since September 2021. The broader Topix index settled 0.30 percent higher at 2,133.61, marking a new 33-year high as a weaker yen boosted exporters.

Market heavyweight SoftBank Group surged 4.8 percent and Uniqlo operator Fast Retailing rallied 2.2 percent.

Japan's GDP grew seasonally adjusted 0.4 percent sequentially in the first quarter of 2012, the Cabinet Office said in a preliminary reading. That beat expectations for a gain of 0.1 percent following the flat reading in the three months prior.

Seoul stocks advanced despite the U.S. debt ceiling woes and growing concerns over an economic slowdown. The Kospi average rose 0.58 percent to 2,494.66, with tech, chemical and auto shares leading the surge.

LG Display jumped 3.8 percent on reports that it will supply OLED TV panels to Samsung Electronics.

Australian markets fell as Q1 wages data bolstered the case for RBA to hold interest rates. The benchmark S&P/ASX 200 dropped 0.49 percent to 7,199.20 while the broader All Ordinaries index closed 0.47 percent lower at 7,389.30.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index ended a choppy session marginally higher at 11,951.66.

U.S. stocks ended lower overnight, with a disappointing forecast from Home Depot, mixed economic data and worries over the debt ceiling impasse keeping investors nervous.

Separate reports showed weaker than expected retail sales growth and an unexpected increase in industrial production.

The Dow fell 1 percent as the treasury department warned that it could run out of cash as soon as 1 June without a deal. The S&P 500 gave up 0.6 percent and the tech-heavy Nasdaq Composite slid 0.2 percent.