Asian stocks mix as bond yields get easier

(RTTNews) – Asian stocks posted a mixed performance Wednesday despite a strong lead from Wall Street overnight. As Treasury yields stabilized, concerns over policy tightening in China kept investors spellbound.

Chinese stocks ended a choppy session as investors reacted to mixed inflation data and signs of policy tightening. The benchmark Shanghai Composite index ended slightly lower at 3,357.74 while the Hong Kong Hang Seng index edged up 0.47% to 28,907.52.

Consumer prices in China fell 0.2% year-on-year in February, the National Bureau of Statistics said. This exceeded expectations of a 0.4% drop and was up from -0.3% the month before.

The bureau also said producer prices rose 1.7% annually, beating expectations of a 1.5% increase and rising sharply from 0.3% in January.

Japanese stocks ended a volatile session on a flat note amid the funds’ year-end sell-off. The Nikkei benchmark broke through the 29,200 level earlier in the day before ending slightly higher at 29,036.56. The broader Topix index closed 0.11% higher at 1,919.74.

Fanuc led the winners up 3.4% while Sony, Advantest and KDDI were up 2-3%. Steel and mining stocks fell the most, with Nippon Steel, Kobe Steel and JFE Holding ending between 2.5% and 3.4%. The heavyweight of the Fast Retailing index lost 2.4%.

Australian markets fell sharply after two straight days of gains. The benchmark S & P / ASX 200 ended down 57.10 points, or 0.84%, at 6,714.10, while the larger All Ordinaries index lost 53.20 points, or 0, 76%, at 6,947.20.

The Big Four banks fell between 1.3% and 2% after central bank chief Philip Lowe reiterated the bank’s commitment to its three-year return target.

Woodside Petroleum, Santos and Oil Search fell 3-4% after crude oil prices fell overnight.

Miners succumbed to strong selling pressure, with BHP falling 2.8% while Rio Tinto fell 5.5% and Fortescue Metals Group plunged 8.3%.

Gold miners resisted the weak trend after gold futures rose sharply on Tuesday to recover the key price at $ 1,700 and post their first gain in five sessions following lower prices. bond yields. Evolution Mining, Newcrest and Norther Star Resources all grew by around 2%.

Tech stocks rebounded after the tech-rich Nasdaq Composite Index rallied overnight. The now-pay-later buy giant, Afterpay, was up 7.5% and Appen was up 3.3%.

Economically, reports on building permits and consumer confidence have painted a positive picture of the economy.

Seoul shares fell for the fifth consecutive session as foreigners and institutions turned profits amid lingering concerns over rising inflationary pressures.

The benchmark Kospi fell 18.00 points, or 0.60%, to close at 2,958.12, dragging tech and auto stocks down. SK Hynix lost 2.6% and Hyundai Motor lost 1.7%.

New Zealand stocks advanced, with the benchmark NZX-50 rising 106.75 points, or 0.88%, to 12,251.90. With financial market conditions improving significantly since March 2020, the Reserve Bank of New Zealand has announced that it will phase out some temporary liquidity facilities it had put in place during the Covid-19 pandemic.

In economic publications, government data showed overall retail card spending in the country fell 5.3% in February on an annual basis, after climbing 1.9% the month before.

US stocks gained ground overnight as falling bond yields prompted investors to buy shabby tech stocks.

The Nasdaq Composite climbed 3.7% and the S&P 500 climbed 1.4% as the Dow Jones industrial average broke from its highs to finish 0.1% higher.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

About Edward Weddle

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