By Investors Hub
Asian stocks pared early gains to end mixed on Thursday as optimism over the Republican tax reform plan faded and tensions continued to flare in the Middle East.
The yen was a little weaker and oil held steady after overnight losses, while strong inflation data out of China underscored the resilience of the world’s second-largest economy.
Chinese shares ended at a fresh two-year high as encouraging inflation data pointed to a pickup in global demand. The benchmark Shanghai Composite Index rose 12.33 points or 0.4 percent to 3,427.79, and Hong Kong’s Hang Seng Index advanced 228.97 points or 0.8 percent to 29,136.57.
Inflation in China climbed at the fastest pace in nine months in October and producer price inflation exceeded expectations as measures taken to curb pollution raised commodity prices.
Consumer price inflation rose to 1.9 percent in October from 1.6 percent in September, data from the National Bureau of Statistics showed. This was the highest rate since January, when inflation was 2.5 percent. Producer price inflation held steady at 6.9 percent in October, while it was forecast to ease to 6.6 percent.
Japanese stocks gave up strong early gains to end modestly lower as caution crept in ahead of Friday’s option settlement. The Nikkei 225 Index topped 23,000 for the first time since January of 1992 before reversing direction to end down 45.11 points or 0.2 percent at 22,868.71. The broader Topix Index reached a 26-year high before closing 0.3 percent lower at 1,813.11.
Pasona Group shares jumped over 10 percent after the release of a reform proposal from a Hong Kong-based fund, while Japan Display plunged 10.4 percent and Nissan Motor lost 2 percent on earnings disappointment.
Investors looked past official data showing that Japan’s core machinery orders tumbled at their fastest pace in more than two years in September.
Australian shares rose notably to close near a 10-year high. The benchmark S&P/ASX 200 Index and the broader All Ordinaries Index both climbed about 0.6 percent to finish at 6,049.40 and 6,122.40, respectively.
Mining heavyweights BHP Billiton and Rio Tinto rose about half a percent each after iron ore futures in Dalian surged up nearly 2 percent.
NAB tumbled 3.4 percent on going ex-dividend, while the other three banks rose between 0.8 percent and 1.3 percent.
Building materials supplier James Hardie Industries soared 7.6 percent after an acquisition announcement. Property group Goodman Group advanced 2.6 percent after reiterating its full-year 2018 operating earnings outlook.
Santos fell 2.7 percent after the oil and gas producer forecast a significant drop in sales volume for the year ahead.
more recommended stories
Oil Prices Rise as Iran Seizes British Oil Tanker
By Adedapo Adesanya Crude oil prices.
Naira Slightly Gains Against USD at I&E Window
By Adedapo Adesanya At the end.
One-Month Treasury Yield Falls to 8.99%
By Dipo Olowookere The secondary market.
Nigeria’s Eurobonds Debt Rises to $10.9bn from $1.5bn in 2015
By Adedapo Adesanya Nigeria’s external debt.
LCCI to CBN: Cash Reserve Ratio of 22.5% too High
By Adedapo Adesanya The Lagos Chamber.
Nigerian Stocks Regain Freedom After 7-Day Hostage, up 0.20%
By Dipo Olowookere After being in.
Africa Prudential Grows Net Profit to N1bn in Six Months
By Dipo Olowookere Leading share registration.
Cadbury Nigeria Bounces Back to Profitability, Posts N669.9m PAT
By Dipo Olowookere The appointment of.