Asian Shares Mostly Higher As Yields Ease

Asian stocks recovered from an early slide to end mostly higher on Tuesday as bond yields eased and reports emerged that the U.S. is pressing Israel to delay its ground offensive in the Gaza Strip to allow time for the release of hostages and shipments of aid into Gaza.

The dollar fell against major currencies, helping gold prices push higher. Oil recovered some ground after falling sharply on Monday.

China’s Shanghai Composite Index climbed 0.8 percent to 2,962.24 after China’s sovereign wealth fund bought exchange-traded funds in a bid to boost the country’s slumping stock market.

Hong Kong’s Hang Seng Index fell 1.1 percent to 16,991.53 after reports of a series of arrests and an investigation into major Apple supplier Foxconn.

Japanese shares ended slightly higher even as flash estimates by the au Jibun bank showed business activity in the country contracted in October for the first time since December 2022.

The Nikkei 225 Index rose 0.2 percent to 31,062.35, snapping three sessions of losses. The broader Topix Index finished little changed with a positive bias at 2,240.73.

Heavyweights Fast Retailing and SoftBank Group climbed around 1.7 percent each. Electric motor maker Nidec slumped 10.5 percent after its quarterly earnings missed estimates.

Seoul stocks rallied as U.S. Treasury yields eased after soaring in the past few days. The Kospi jumped 1.1 percent to 2,383.51 led by bio and IT stocks. SK Hynix, Celltrion, Kakao, Naver and Samsung Biologics soared 2-7 percent.

Australian markets snapped a three-day losing streak as strong gains among commodity stocks offset declines in healthcare and consumer sectors.

The benchmark S&P/ASX 200 Index edged up 0.2 percent to 6,856.90 ahead of quarterly inflation data due on Wednesday. The broader All Ordinaries Index settled 0.2 percent higher at 7,045.60.

Rare earths giant Lynas surged 12.4 percent after Malaysia allowed the company to import radioactive raw material until March 2026.

Across the Tasman, New Zealand’s benchmark S&P/NZX 50 Index slipped 0.3 percent to 10,960.62 as traders returned to their desks after a long holiday weekend.

U.S. stocks ended a choppy session mixed overnight as the yield on the benchmark ten-year note eased after briefly peaking above the key 5 percent level amid a surge in government debt and supply of bonds.

The Dow dropped 0.6 percent and the S&P 500 slipped 0.2 percent to reach over four-month lows, while the tech-heavy Nasdaq Composite rose 0.3 percent.

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