CANBERA (dpa-AFX) - Asian stocks rose broadly on Wednesday after U.S. Treasury yields pulled back on the back of weak U.S. housing sales data and a profit warning by Snapchat-owner Snap Plc.
The dollar held steady ahead of the Federal Reserve's May meeting minutes due later in the day, while oil prices rose more than $1 per barrel to stay above $110.
The overall mood in equity markets remained largely cautious after China's capital Beijing further tightened its Covid-19 restrictions.
China's Shanghai Composite index rallied 1.19 percent to settle at 3,107.46 on hopes that growth will likely strengthen in the second half of 2022 in response to the stimulus that China has introduced into the economy.
China's central bank and banking regulator urged lenders to boost loans in the latest effort to shore up the battered economy. Hong Kong's Hang Seng index gained 0.29 percent to finish at 20,171.27.
Japanese shares ended slightly lower after Wall Street's tech rout overnight. The Nikkei average slid 0.26 percent to 26,677.80 while the broader Topix index closed marginally lower at 1,876.58. Dentsu, Rakuten, Shinsei Bank, Mitsubishi Motors and T&D Holdings led losses.
Seoul stocks eked out modest gains, with the Kospi average rising 0.44 percent to 2,617.22. Bio and chemical stocks advanced, while tech and automakers ended in the red.
Business conditions in South Korea deteriorated slightly in May, the Bank of Korea said earlier today with a Business Survey Index score of 86 - down from 87 in April.
Australian markets advanced, with heavyweight mining and financial stocks pacing the gainers. Tech stocks underperformed following Snap's profit warning. The benchmark S&P/ASX 200 rose 0.37 percent to 7,155.20 while the broader All Ordinaries index closed 0.25 percent higher at 7,391.70.
New Zealand shares ended notably lower after the country's central bank hiked interest rates by another 50 bps for a second straight meeting and signaled more aggressive hikes to curb the risk of inflation becoming persistent.
The benchmark NZX-50 index dropped 0.65 percent to 11,173.37. Medical device maker Fisher & Paykel Healthcare tumbled 3.9 percent after reporting a fall in annual revenue and net profit.
U.S. stocks ended mostly lower overnight on growth and earnings worries, as housing data disappointed and Snap warned of weaker than expected second quarter results, citing deteriorating macroeconomic trends.
The tech-heavy Nasdaq Composite fell 2.4 percent to end at its lowest closing level since November 2020 and the S&P 500 shed 0.8 percent to hover near bear market territory, while the Dow edged up 0.2 percent.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX