Asian Shares Mixed Ahead Of U.S. CPI Data

Asian shares ended Thursday’s session on a mixed note as China deflation worries persisted and caution crept in ahead of U.S. consumer price inflation data due later in the day.

The dollar slipped in Asian trading, helping gold prices push higher. Oil edged up in choppy trade to hover near multi-month highs after data indicated robust fuel demand in the United States.

Chinese shares edged up slightly, with the Shanghai Composite Index inching up 0.3 percent to 3,254.56 on hopes that policymakers will unveil more stimulus measures to boost the recovery in the world’s second largest economy.

Hong Kong’s Hang Seng Index finished little changed at 19,248.26 after U.S. President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in sensitive technologies in China.

Japanese shares rose sharply after Honda Motor and Inpex posted strong earnings. Honda shares surged 5.9 percent and Inpex soared 16.6 percent.

Entertainment conglomerate Sony tumbled 3.2 percent after reporting a 31 percent decrease in the April-June quarter operating profit.

The Nikkei 225 Index rallied 0.8 percent to 32,473.65 ahead of a holiday on Friday. The broader Topix settled 0.9 percent higher at 2,303.51.

Seoul stocks moved modestly lower, with the Kospi edging down 0.1 percent to 2,601.56. Market bellwether Samsung Electronics fell 1.3 percent and battery maker Samsung SDI declined 1.9 percent.

Australian markets eked out modest gains as higher oil prices lifted energy stocks. Miners also advanced, while tech stocks were among the biggest drags.

QBE Insurance fell 1.2 percent after its half-year profit missed estimates. The benchmark S&P ASX 200 Index rose 0.3 percent to 7,357.40, while the broader All Ordinaries Index ended 0.3 percent higher at 7,568.50.

Across the Tasman, New Zealand’s benchmark S&P NZX-50 Index slipped 0.2 percent to 11,811.77.

U.S. stocks ended a choppy session lower overnight as investors awaited key inflation readings that could provide clues to the Fed’s monetary policy path.

The Dow dropped half a percent, while the S&P 500 shed 0.7 percent and the tech-heavy Nasdaq Composite lost 1.2 percent to reach their lowest closing levels in a month.

Source: Read Full Article