Canberra, Nov. 17, (dpa-AFX/GNA) - Asian stocks ended mixed on Thursday, with worries about ongoing China’s Covid-19 curbs and hawkish remarks from a slew of Federal Reserve officials keeping investors nervous.
Chip stocks were hammered after Micron Technology warned about excess inventories and sluggish demand.
But the US dollar gained ground and US 10-year Treasury yields recovered modestly from a six-week low after strong retail sales data released overnight dented hopes for a pause in rate increases.
Gold dipped on dollar strength while oil extended losses on China demand worries after daily Covid cases surged again in the country.
China’s Shanghai Composite index slipped 0.15%, to 3,115.43, as a flare-up in domestic Covid-19 cases spurred concerns about more lockdowns. In its third quarter monetary policy report released on Wednesday, China’s central bank pledged to keep liquidity reasonably ample, but warned of a rebound in inflation in the future.
Hong Kong’s technology heavy Hang Seng index dropped 1.15%, to 18,045.66, after the Philadelphia SE Semiconductor Index plunged 4.3% on Wednesday.
Japanese shares ended a tad lower after data showed the country’ trade deficit widened more than expected in October. The Nikkei average dropped 0.35%, to 27,930.57, while the broader Topix index closed 0.15% higher, at 1,966.28.
Technology stocks led losses, with Advantest, Tokyo Electron and Screen Holdings declining 2% to 3%.
Seoul stocks fell sharply amid waning optimism abut a potential reopening in China. The Kospi average dipped 1.39% to close at 2,442.90. Samsung Electronics declined 2.1% and SK Hynix tumbled 4.2% amid deepening concerns about a global economic downturn.
Australian markets eked out modest gains after data showed the country’s jobless rate unexpectedly fell in October. The benchmark S&P ASX 200 rose 0.19%, to 7,135.70, while the broader All Ordinaries index ended 0.16% higher, at 7,339.
OZ Minerals shares remained in a trading halt as BHP is rumoured to float a sweetened offer for the company.
Webjet soared 10.1% after the travel agency said it is on track to exceed pre-pandemic profitability in fiscal 2023.
Across the Tasman, New Zealand’s S&P NZX-50 index gained 0.57%, to settle at 11,294.52, with heavyweight Fisher & Paykel Healthcare leading the surge.
US stocks fell overnight as investors reacted to retail giant Target’s warning of weaker holiday spending and a mixed batch of data on retail sales, industrial production and homebuilder confidence. The technology-heavy Nasdaq Composite tumbled 1.5%, while the S&P 500 gave up 0.8% and the Dow slipped 0.1%.
GNA