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Asian stocks rose broadly on Thursday after U.S. President Donald Trump denied that he plans to fire Federal Reserve Chairman Jerome Powell.<\/p>\n
“We’re not planning on doing it,” he said Wednesday at the White House. “I don’t rule out anything,” he added, “but I think it’s highly unlikely, unless he has to leave for fraud.” <\/p>\n
Gold prices slipped around half a percent in Asian trade as the dollar strengthened on eased market tensions. Oil prices moved sideways due to tariff uncertainty. <\/p>\n
China’s Shanghai Composite index rose 0.37 percent to 3,516.83 as Citi upgraded China equities citing improved earnings trends and structural growth themes. Hong Kong’s Hang Seng index fluctuated before finishing marginally lower at 24,498.95.<\/p>\n
Japanese shares advanced after the release of mixed trade data and ahead of a closely watched upper house election on Sunday. <\/p>\n
The June trade data showed declines in exports to the U.S. and China but gains in shipments to the EU, ASEAN, and Russia.<\/p>\n
The Nikkei average climbed 0.60 percent to 39,901.19, closing at a two-week high led by technology<\/span> stocks. The broader Topix index settled 0.72 percent higher at 2,839.81 despite Trump saying the U.S. will probably “live by the letter” on tariffs with Japan.<\/p>\n NEC Corp surged 4.3 percent, LY Corp rallied 3.6 percent and Sumco soared 7 percent. Seven & i Holdings plummeted 9.2 percent after Canadian retailer Alimentation Couche-Tard withdrew its $47 billion takeover bid for the company. <\/p>\n Seoul stocks eked out modest gains, with technology and auto stocks pacing the gainers. The Kospi average ended up 0.19 percent at 3,192.29, reversing early losses. <\/p>\n Samsung Electronics jumped 3.1 percent after South Korea’s top court upheld a not-guilty verdict for the company chairman Jay Y. Lee.<\/p>\n Australian markets<\/span> posted strong gains as weak unemployment data bolstered hopes for an RBA rate cut. The country’s unemployment rate unexpectedly spiked to 4.3 percent in June, helping traders increase their bets of an August rate cut. <\/p>\n The benchmark S&P\/ASX 200 climbed 0.90 percent to 8,639 amid a broad-based rally. The big banks rose 1-2 percent after Wednesday’s weakness. The broader All Ordinaries index closed up 0.84 percent at 8,890.80. <\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index rallied 1.18 percent to 12,905.41, marking its highest level in nearly five months. <\/p>\n Overnight, U.S. stocks rose in volatile trading as President Trump acknowledged discussing firing Fed Chair Jerome Powell with Republicans but denied a letter had been drafted to do that, helping ease Fed independence fears.<\/p>\n In economic news, U.S. producer prices were unexpectedly unchanged in June while industrial production rose in the month for the first time in four months, separate set of data revealed.<\/p>\n The narrower Dow rose half a percent while the S&P 500 and the tech-heavy Nasdaq Composite both edged up by 0.3 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n