Asian Shares Edge Higher In Cautious Trade
Asian stocks rose broadly on Tuesday as Treasury yields edged lower after disappointing data from China and the United States.
Chinese shares clawed back losses a day after the country reported its weakest economic growth in a year.
The benchmark Shanghai Composite index rose 25.02 points, or 0.70 percent, to 3,593.15 while Hong Kong’s Hang Seng index ended up 377.46 points, or 1.49 percent, at 25,787.21.
Japanese shares ended notably higher as tech stocks continued to be on the radar of many investors. The Nikkei average climbed 190.06 points, or 0.65 percent, to 29,215.52, while the broader Topix index closed 0.36 percent higher at 2,026.57.
Chip-making equipment maker Tokyo Electron gained 1.9 percent, tech investment giant SoftBank Group jumped 3.1 percent and robot maker Fanuc rose 1.6 percent.
Shippers firms soared, with Kawasaki Kisen and Nippon Yusen climbing 8.6 percent and 7.4 percent, respectively.
Australian markets ended a choppy session little changed, with miners losing ground after BHP reported a decline in first-quarter iron ore output.
The benchmark S&P/ASX 200 index finished marginally lower at 7,374.90, snapping a three-session winning streak.
The broader All Ordinaries index ended with a positive bias at 7,690.20 as minutes from the RBA’s October 5 meeting reiterated a dovish rate outlook.
Mining giant BHP closed 2 percent lower while rival Rio Tinto lost 3.3 percent and Fortescue Metals Group dropped 1.2 percent.
Gaming giant Tabcorp declined 2.7 percent after announcing plans to split its businesses by mid-2022. Tech stocks followed their U.S. peers higher, with heavyweight Afterpay climbing 2.7 percent.
Seoul stocks rebounded as concerns about the new coronavirus and the volatility in the currency markets eased. The Kospi average inched up 22.36 points, or 0.74 percent, to close at 3,029.04 as South Korea’s new virus cases stayed below 2,000 for the 11th straight day amid progress in vaccinations.
Internet portal operator Naver jumped 2.8 percent and pharmaceutical giant Samsung Biologics added 1.2 percent.
New Zealand shares advanced as positive updates lifted some of the larger stocks. The benchmark NZX-50 index inched up 67.41 points, or 0.52 percent, to 13,065.92.
A2 Milk jumped 3.9 percent on optimism that disruption to its key sales channel to China is behind it. Fisher & Paykel Healthcare, the largest stock on the index, gained 1.8 percent.
Markets in Malaysia and Indonesia were closed to honor the birthday of the Prophet Muhammad.
U.S. stocks ended mixed overnight as weak China GDP and U.S. factory output numbers offset investor enthusiasm over the earnings season.
The Dow slipped 0.1 percent while the tech-heavy Nasdaq Composite rose 0.8 percent and the S&P 500 added 0.3 percent to extend gains for the fourth straight session.
Source: Read Full Article