Dipo Olowookere
By Investors Hub
Asian stocks ended broadly higher on Thursday as rallying oil prices helped lift energy stocks and U.S. President Donald Trump said he would announce the site for a summit with North Korean leader Kim Jong Un within three days.
China’s Shanghai Composite Index rose 16.02 points or 0.5 percent to 3,175.17 after official data showed the country’s consumer price inflation eased to a three-month low in April on weak food price growth, while producer price inflation increased for the first time in seven months on commodity prices. Hong Kong’s Hang Seng Index advanced 273.08 points or 0.9 percent to 30,809.22.
Consumer prices in China were up 1.8 percent year-over-year in April. That was beneath expectations for 1.9 percent and down from 2.1 percent in March. Producer prices advanced an annual 3.4 percent, matching forecasts and up from 3.1 percent in the previous month.
Japanese shares rose on improved risk appetite as crude oil prices surged and investors digested a raft of local economic data. The Nikkei 225 Index climbed 88.30 points or 0.4 percent to 22,497.18, led by energy stocks and automakers. The broader Topix index closed 0.3 percent higher at 1,777.62.
Toyota Motor rallied 2.3 percent to reach a fresh three-month high after publishing its annual results and announcing a share buyback.
Ajinomoto jumped 4.3 percent after announcing a share buyback. Mitsubishi Motors Corp soared 9.4 percent after it forecast a 12 percent increase in operating profit in the current financial year, driven by higher vehicle sales in Asia.
In economic news, the Ministry of Finance said that Japan posted a current account surplus of 3.122 trillion yen in March, up 4.2 percent year-over-year. That beat expectations for a surplus of 2.899 trillion yen. Japan’s trade balance reflected a surplus of 1.190 trillion yen, up an annual 37.6 percent.
Australian shares closed higher as a stronger Aussie dollar and surging commodity prices helped lift financial and resource stocks. The benchmark S&P/ASX 200 Index edged up 10.70 points or 0.2 percent to 6,118.70, while the broader All Ordinaries Index inched up 11.50 points or 0.2 percent to 6,215.90.
BHP Billiton, South32 and Rio Tinto gained 1-2 percent after copper prices surged overnight amid falling inventories and strong import numbers from top consumer China.
Woodside Petroleum soared 5.1 percent and Oil Search jumped 4.8 percent after oil prices rose more than 3 percent on Wednesday on data showing a bigger-than-expected drawdown in U.S. oil inventories.
Banks ANZ and Westpac eked out modest gains, while Commonwealth Bank of Australia extended losses to close 0.6 percent lower after reporting a drop in its third quarter profit.
Boral shares advanced 2.3 percent as the building products maker announced the sale of its non-core U.S. Concrete & Quarries business to Brannan Sand and Gravel Company for $127 million.
