Asian Shares End On Muted Note; Nikkei Outperforms
2024-08-04
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(fxcue news) - Asian stocks moved in a tight range before ending on a mixed note Tuesday as investors awaited a slew of key U.S. economic data this week for additional clues on the Fed's rate trajectory.
Japanese markets posted strong gains in catch-up trade after a long holiday weekend.
Gold dipped ahead of closely watched U.S. producer and consumer price inflation data due this week.
Oil prices traded lower in Asian trading after climbing more than 3 percent in the overnight U.S. trading session amid heightened tensions in the Middle East.
Chinese stocks eked out modest gains despite renewed concerns over economic recovery. The benchmark Shanghai Composite index rose 0.34 percent to 2,867.95.
Hong Kong's Hang Seng index settled 0.36 percent higher at 17,174.06 ahead of quarterly and half-year earnings from some of China's biggest firms as well as Chinese industrial production and retail sales readings due later in the week.
Japanese markets logged strong gains to extend a rebound from late last week following hawkish signals from the Bank of Japan. The Nikkei average jumped 3.45 percent to 36,232.51 while the broader Topix index surged 2.83 percent to 2,553.55.
Exporters benefited from a softer yen, with automakers Nissan, Honda Motor and Toyota Motor climbing 2-3 percent.
Technology stocks including Tokyo Electron, Screen Holdings and Advantest surged 6-8 percent after Nvidia Corp. boosted the Philadelphia Stock Exchange Semiconductor Index. Technology investor SoftBank Group rallied 3.8 percent.
Seoul stocks ended largely unchanged, with the Kospi average finishing up 0.12 percent at 2,621.50 - rising for a third day running.
Australian stocks closed modestly higher, with miners and financials pacing the gainers.
The benchmark S&P/ASX 200 inched up 0.17 percent to 7,826.80, notching its third consecutive day of gains. The broader All Ordinaries index closed 0.17 percent higher at 8,042.20.
Orora shares soared 19.2 percent after the packaging group rejected a A$3.42 billion ($2.25 billion) takeover offer from U.S. private equity firm Lone Star Fund.
Sims surged 10.7 percent after it agreed to sell its U.K. metals business for £195 million ($249.50 million).
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index gained 0.31 percent to close at 12,319.06.
U.S. stocks fluctuated before eventually ending mixed overnight after last week's bumpy ride.
The Dow shed 0.4 percent, while the S&P 500 inched up marginally and the tech-heavy Nasdaq Composite edged up 0.2 percent ahead of key economic reports due later in the week.
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