Asian Shares Rise As Inflation Worries Fade
Asian stocks ended broadly higher on Friday as cash-strapped Chinese property developer Evergrande averted a default and investors expressed hopes that the worst price hikes could be soon over.
Chinese shares eked out modest gains after a major Communist Party meeting ended with a resolution paving the way for President Xi Jinping to potentially rule for life.
The benchmark Shanghai Composite Index edged up 6.31 points, or 0.2 percent, to 3,539.10, while Hong Kong’s Hang Seng Index ended up 79.98 points, or 0.3 percent, at 25,327.97.
Japanese shares rose sharply on optimism over strong corporate earnings. The Nikkei 225 Index rallied 332.11 points, or 1.1 percent, to settle at 29,609.97, while the broader Topix closed 1.3 percent higher at 2,040.60.
Market heavyweight SoftBank Group climbed 2.6 percent, while automakers Honda Motor, Mazda and Toyota rose 1-2 percent. In the tech space, Advantest, Tokyo Electron and Screen Holdings gained 1-2 percent.
Australian markets rose notably after four straight sessions of losses. The benchmark S&P/ASX 200 Index advanced 61.10 points, or 0.8 percent, to 7,443.00, while the broader All Ordinaries Index ended up 64.60 points, or 0.8 percent, at 7,765.80.
A rebound in iron ore prices helped lift miners, with BHP, Rio Tinto, South32 and Fortescue Metals Group climbing 2-3 percent. Tech stocks followed their U.S. peers higher, with Wisetech Global, Afterpay and Xero rising 2-3 percent.
Greenland Minerals shares plunged nearly 30 percent as Greenland’s parliament passed legislation to ban uranium mining and exploration in the Danish territory.
Seoul stocks rallied as investors went bargain hunting in beaten-down tech, auto and bio stocks. The Kospi jumped 43.88 points, or 1.5 percent, to close at 2,968.80.
Samsung Electronics gained 1 percent, Hyundai Motor added 1.5 percent, Samsung Biologics advanced 1.7 percent and LG Chem climbed 2.3 percent.
Meanwhile, New Zealand shares ended lower after new data showed manufacturing growth in the country accelerated in October, putting the Reserve Bank on course to raise rates again. The benchmark NZX-50 Index fell 118.76 points, or 0.91 percent, to 12,908.15.
U.S. stocks ended mixed overnight as inflation worries weighed and some traders struck to the sidelines amid the Veterans Day holiday.
The tech-heavy Nasdaq Composite rose half a percent and the S&P 500 finished marginally higher, while the Dow eased 0.4 percent as Disney reported disappointing earnings.
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