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Asian stocks turned in a mixed performance on Tuesday as concerns over China’s growth prospects and a new political order in the country offset hopes of a Fed pivot.<\/p>\n
The U.S. dollar stabilized at lower levels amid growing bets that a pronounced economic slowdown will push the Federal Reserve into softening its hawkish stance after a 75-points rate hike in November. <\/p>\n
China’s Shanghai Composite index finished marginally lower at 2,976.28 amid signs that the country won’t compromise on issues over Taiwan and the zero-COVID policy. <\/p>\n
Hong Kong’s Hang Seng index ended marginally lower at 15,165.59 amid fears about Xi Jinping’s shocking move to tighten his grip on power at a major leadership reshuffle.<\/p>\n
The Taiwan Weighted, which is heavily exposed to the Chinese market, fell 1.48 percent to 12,666.12 on concerns over U.S. restrictions on semiconductor exports to China.<\/p>\n
Japanese stocks rallied on earnings optimism after electric motor maker Nidec Corp posted record second-quarter operating profits. The Nikkei average jumped 1.02 percent to 27,250.28 while the broader Topix index closed 1.06 percent higher at 1,907.14. <\/p>\n
Nidec shares surged 5 percent while market heavyweight SoftBank Group climbed 3.8 percent. Tsuburaya Fields Holdings, a pachinko machine maker, soared 16.6 percent after raising its full-year operating profit forecast.<\/p>\n
Seoul stocks ended little changed with a negative bias as caution set in ahead of earnings reports to be released by major companies later this week. <\/p>\n
Chemical and steel companies led losses, with LG Chem tumbling 4 percent and Posco Holdings declining 3.4 percent. <\/p>\n
Australian stocks eked out modest gains, led by tech stocks and financials. The benchmark S&P\/ASX 200 index rose 0.28 percent to 6,798.60 as investors awaited the country’s annual budget for cues on economic outlook. <\/p>\n
The broader All Ordinaries index edged up 0.22 percent to 6,993.70. Fuel refiner Ampol slumped 12.6 percent after missing its earnings estimates.<\/p>\n
Across the Tasman, New Zealand’s benchmark S&P\/NZX 50 index ended the session 1.11 percent higher at 10,902.31. <\/p>\n
U.S. stocks rose sharply overnight, as investors awaited tech earnings and weak PMI figures for October bolstered hopes that the Fed might pivot from its tightening of monetary policy.<\/p>\n
The Dow climbed 1.3 percent and the S&P 500 added 1.2 percent to reach their best closing levels in a month while the tech-heavy Nasdaq Composite rose 0.9 percent. <\/p>\n<\/p>\n
Market Analysis<\/p>\n<\/div>\n