Asian Shares Mixed As Traders Reassess Rate Path

Asian stocks ended mixed on Thursday as a stronger-than-expected U.S. jobs report spurred optimism about the world’s largest economy but dented hopes for Federal Reserve rate cuts in the near term.

Precious metals dipped, with gold falling half a percent to trade below $5,060 an ounce as the U.S. dollar strengthened after the release of solid jobs data.

Oil prices were slightly higher in Asian trade amid simmering tensions between the United States and Iran.

China’s Shanghai Composite index finished marginally higher at 4,134.02 after reports emerged that the United States and China are likely to extend their trade truce for up to a year when President Donald Trump and President Xi Jinping meet in Beijing in early April.

Hong Kong’s Hang Seng index fell 0.86 percent to 27,032.54, dragged down by technology stocks.

Japanese markets ended little changed after a choppy session as traders returned from a holiday. The Nikkei average finished marginally lower at 57,639.84, after climbing past the 58,000 mark at the start of trading. The broader Topix index settled 0.70 percent higher at 3,882.16.

The yen pulled back after a three-day rally while government bonds rallied following Prime Minister Sanae Takaichi’s pledge to pursue “responsible” stimulus following her historic election win.

Cosmetics maker Shiseido soared nearly 16 percent after its fourth quarter earnings and full-year forecast beat analyst estimates.

Automaker Honda Motor tumbled 3.5 percent after posting a steep decline in its third-quarter operating profit. Technology investor SoftBank Group jumped 2.4 percent before announcing its financial results.

Seoul stocks reached a new milestone, led by advances in heavyweight technology shares. Samsung Electronics surged 6.4 percent and SK Hynix added 3.3 percent. The Kospi average closed 3.13 percent higher at 5,522.27.

Australian markets eked out modest gains as robust earnings from ANZ Group lifted banking stocks and offset declines in healthcare and technology stocks. While ANZ shares jumped 8.5 percent, the benchmark S&P/ASX 200 rose 0.32 percent to 9,043.50.

Across the Tasman, New Zealand’s benchmark S&P/NZX-50 index edged up by 0.18 percent to 13,531.48. Rubber goods supplier Skellerup Holdings gained 1.8 percent after reporting record half-year earnings and raising its full-year guidance.

Overnight, U.S. stocks fluctuated before closing lower as Treasury yields surged after the release of upbeat jobs data.

Data showed non-farm payroll employment jumped by 130,000 jobs in January after rising by a downwardly revised 48,000 jobs in December.

The jobless rate dipped from 4.4 percent to 4.3 percent but revised data showed the world’s largest economy generated far fewer jobs in 2024 and 2025 than was initially estimated.

The Dow slipped 0.1 percent, the S&P 500 edged down marginally and the tech-heavy Nasdaq Composite gave up 0.2 percent.