Asian Shares End Choppy Session Mixed

2024-08-18 2805
(fxcue news) - Asian stocks fluctuated before ending mixed on Wednesday as investors awaited cues on future rate cuts in the U.S. Minutes of the Fed's July meeting due to be published later today ad Fed Chair Powell's keynote speech at Jackson Hole Symposium on Friday are expected to provide greater clarity on monetary policy easing. The dollar extended its weakness against other major currencies, helping gold prices push higher in Asian trading. Oil was little changed as estimates showed swelling U.S. crude inventories. China's Shanghai Composite index dropped 0.35 percent to 2,856.58 and Hong Kong's Hang Seng index fell 0.69 percent to 17,391.01. E-commerce giant JD.com plummeted 8.7 percent after its biggest shareholder Walmart sold its stake in the firm. Japanese shares fell slightly as the yen strengthened back to the 145 levels per dollar and data showed the country's balance of trade fell back into the red in July. The Nikkei average slipped 0.29 percent to 37,951.80 while the broader Topix index settled 0.21 percent lower at 2,664.86. Chip-related stocks fell, with Tokyo Electron, Advantest, Screen Holdings and Shin-Etsu Chemical losing 1-2 percent. Sven & I Holdings surged 5.8 percent after slumping Tuesday on receiving a preliminary takeover bid from Canada's Alimentation Couche-Tard ATD.TO. Seoul stocks ended higher for a second day running as investors awaited the U.S. rate policy direction from this week's Jackson Hole symposium. The Kospi average edged up 0.17 percent to 2,701.13, with Posco Holdings and LG Chem both rising over 2 percent. Australian markets eked out modest gains to extend their winning streak for the ninth consecutive session. Tech and mining stocks advanced, offsetting losses in the energy sector. The benchmark S&P/ASX 200 edged up 0.16 percent to 8,010.50 while the broader All Ordinaries index gained 0.32 percent to close at 8,234. Oil and gas giant Santos tumbled 4.4 percent after reporting a bigger-than-expected fall in first-half profit. Logistics software maker WiseTech Global soared 18.4 percent after raising its dividend and flagging earnings growth over its current fiscal year. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.44 percent to 12,502.97. U.S. stocks ended modestly lower overnight after notching their longest rally this year on easing concerns about a potential recession. Yields on government debt fell broadly after a survey of non-manufacturing activity from the Philadelphia Fed continued to reflect weakness in August. The tech-heavy Nasdaq Composite shed 0.3 percent and the S&P 500 slipped 0.2 percent to snap eight-day winning streaks while the Dow eased 0.2 percent.
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