{"id":35808,"date":"2023-06-27T08:37:16","date_gmt":"2023-06-27T08:37:16","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/06\/27\/asian-shares-mixed-on-china-optimism\/"},"modified":"2023-06-27T08:37:16","modified_gmt":"2023-06-27T08:37:16","slug":"asian-shares-mixed-on-china-optimism","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/06\/27\/asian-shares-mixed-on-china-optimism\/","title":{"rendered":"Asian Shares Mixed On China Optimism"},"content":{"rendered":"
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Asian stocks ended mixed on Tuesday as geopolitical concerns surrounding Russia eased somewhat and China’s premier said growth is accelerating in the world’s second-largest economy<\/span>. <\/p>\n

In a late-night televised speech, Russian President Vladimir Putin accused Ukraine and its Western allies of deliberately provoking Russians to turn against each other during the recent short-lived mutiny led by mercenaries of the Wagner group.<\/p>\n

Wagner Chief Yevgeny Prigozhin also said that his intention was not to dethrone the Putin government. <\/p>\n

Elsewhere, Premier Li Qiang, China’s No. 2 leader, said today that economic growth accelerated in the latest quarter and could hit the official target of 5 percent for the year.<\/p>\n

Chinese shares climbed after the Bloomberg reported that U.S. Treasury Secretary Janet Yellen plans to visit China in early July for the first high-level economic talks.<\/p>\n

The benchmark Shanghai Composite index settled 1.23 percent higher at 3,189.44 ahead of industrial profits, manufacturing and non-manufacturing data due this week, which could provide hints for further stimulus to bolster growth. <\/p>\n

Property stocks rallied on news of a potential buyout of a developer.<\/p>\n

Hong Kong’s Hang Seng index jumped 1.88 percent to 19,148.13 after five consecutive sessions of losses. Tech stocks soared despite Wall Street’s tech sell-off overnight.<\/p>\n

Japanese shares fell for a fourth straight session as tech stocks followed their U.S. peers lower on concerns about interest rates staying higher for longer. <\/p>\n

The Nikkei average shed 0.49 percent to close at 32,538.33, after having surged to a 33-year high last week. The broader Topix index ended down 0.28 percent at 2,253.81.<\/p>\n

Softbank Group, Advantest and CyberAgent fell 2-4 percent. Shipping stocks outperformed, with Kawasaki Kisen Kaisha rallying more than 11 percent, while Nippon Yusen and Mitsui OSK Lines rose 3-4 percent. <\/p>\n

Seoul stocks cut early losses to finish marginally lower, with the Kospi average ending down 0.81 point at 2,581.39 ahead of Fed Chair Jerome Powell’s remarks at a forum this week. <\/p>\n

Auto stocks buked the weak trend, with Hyundai Motor and Hyundai Mobis climbing 2.7 percent and 4.1 percent, respectively. <\/p>\n

Australian markets<\/span> advanced to snap a four-day losing streak as investors awaited inflation and retail sales data due later in the week for clues to RBA’s rate moves in August. <\/p>\n

The benchmark S&P\/ASX 200 gained 0.56 percent to close at 7,118.20 while the broader All Ordinaries index ended 0.49 percent higher at 7,300, led by banks and miners. <\/p>\n

Medibank lost 3.9 percent after Australia’s banking regulator told the insurer that it would have to set aside $167 million in extra capital following data breach. <\/p>\n

Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index finished marginally higher at 11,649.20.<\/p>\n

U.S. stocks closed lower on Monday as growth worries lingered and a short-lived mutiny in Russia by the Wagner paramilitary group revived concerns over nuclear arsenal security.<\/p>\n

The Dow ended little changed with a negative bias and the S&P 500 shed half a percent while the tech-heavy Nasdaq Composite lost 1.2 percent as the U.S. yield curve inversion accelerated to near-historic levels. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n