Asian Shares Mostly Higher; China And Hong Kong Markets Buck Trend

(RTTNews) - Asian stocks rose broadly on Thursday, even as Chinese and Hong Kong markets ended sharply lower following reports that China's financial regulators are considering a number of cooling measures for the stock market, including lifting certain short selling restrictions, increasing checks on speculative trades, and discouraging heavy retail participation.

Underlying sentiment remained supported somewhat as bond market jitters subsided and weak U.S. labor market data fueled rate-cut bets.

A day before a pivotal U.S. payrolls report, markets are pricing in a September cut and anticipating at least two reductions this year.

China's Shanghai Composite index fell 1.25 percent to 3,765.88, extending losses for a third straight session after reports emerged that regulators are considering new steps to cool the stock market.

Hong Kong's Hang Seng index dipped 1.12 percent to 25,058.51 as investors booked profits on concerns that recent gains were too fast.

Japanese markets rallied as the country's top trade negotiator Ryosei Akazawa left for the U.S. for ministerial talks, helping lift shares of exporters tied to U.S. demand.

Additionally, a closely watched auction of 30-year Japanese government bonds passed smoothly, helping soothe investor nerves after a global debt market turmoil.

The Nikkei average jumped 1.53 percent to 42,580.27 while the broader Topix index settled 1.03 percent higher at 3,080.17. Tech shares followed their U.S. peers higher, with Advantest surging 4.7 percent and SoftBank climbing 6.5 percent.

Seoul stocks ended up for a third day running, with the Kospi average rising 0.52 percent to 3,200.83 led by semiconductor, IT and chemical stocks. LG Chem and Naver both rose about 3 percent while SK Innovation surged 4.9 percent.

Australian markets snapped a four-day losing streak after fresh data showed Australia's household spending accelerated in July.

The benchmark S&P/ASX 200 rallied 1 percent to 8,826.50, recovering from its biggest one-day sell-off since April. The broader All Ordinaries index gained 0.90 percent to close at 9,091.40 led by banking and consumer stocks.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.45 percent to 13,133.20.

The dollar steadied in Asian trading after weakening in the previous session amidst bond market volatility. Gold dipped on profit taking after surging to a fresh record high on Wednesday. Oil extended steep overnight losses on concerns that OPEC+ may boost supplies.

Overnight, U.S. stocks ended mixed as data showed job openings slipped in July to the lowest level in 10 months, reflecting a softening labor market and reinforcing bets on a Federal Reserve interest-rate cut.

Federal Reserve Governor Christopher Waller said the U.S. central bank should begin lowering interest rates this month and make multiple cuts in the next three to six months.

The tech-heavy Nasdaq Composite jumped 1 percent as a favorable court ruling regarding Google's search engine in a major antitrust case fueled optimism that tech giants will be able to weather regulatory threats.

The S&P 500 gained half a percent while the narrower Dow finished marginally lower.