Asian Shares Slip As Fed Minutes Weigh

(RTTNews) - Asian stocks ended Thursday's session on a subdued note after minutes from the Federal Reserve's July meeting pointed to rates staying higher for longer.

China's Shanghai Composite index closed 0.46 percent lower at 3,277.54, with property developers falling sharply after Country Garden Holdings Co. warned that first-half earnings probably tumbled by as much as 70 percent. Hong Kong's Hang Seng index fell 0.80 percent to settle at 19,763.91.

Japanese stocks tumbled, dragged down by weakness in the tech sector. The Nikkei average lost 0.96 percent to close at 28,942.14, while the broader Topix index ended 0.82 percent lower at 1,990.50.

Advantest, Tokyo Electron and Screen Holdings fell 1-2 percent. Sony, Fanuc and Olympus all gave up around 2 percent. Nintendo gained 0.9 percent on hopes for strong sales in the year-end shopping period.

Seoul stocks ended modestly lower after the Fed minutes hinted at more aggressive rate hikes to control inflation. The Kospi average dipped 0.33 percent to 2,508.05 Large-cap stocks led losses, with SK Hynix, Korean Airlines and Hyundai Motor falling 1-2 percent. Market bellwether Samsung Electronics Co. rose 1.8 percent to 61,500 won.

Australian markets ended slightly lower after employment data painted a mixed picture of the economy. Unemployment unexpectedly dropped in July, giving the Reserve Bank scope for a more flexible approach in its tightening cycle.

The S&P/ASX 200 index slipped 0.21 percent to 7,112.80 while the broader All Ordinaires index closed 0.32 percent lower at 7,357.70. Gold miners led losses, with sector major Newcrest Mining declining 2.9 percent. Technology stocks tracked their U.S. peers lower while energy stocks rebounded after three days of losses.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended down 0.33 percent at 11,814.34 after RBNZ Governor Adrian Orr said he believes sky-high inflation is "on its way down".

U.S. stocks fell overnight as retail sales came in flat in July, discount retailer Target's second-quarter earnings fell short of twice-lowered views and minutes from the Federal Reserve's meeting in July suggested policymakers are less likely to step away from hiking rates until inflation declined substantially.

The Dow dipped half a percent, the tech-heavy Nasdaq Composite gave up 1.3 percent and the S&P 500 shed 0.7 percent.