By Dow Jones Newswires
Asian stock markets were mixed Thursday following overnight declines in U.S. stock prices and Treasury yields.
The Nikkei (NIKKEI:JP:NIK) was down 0.2%, with electronics and financials leading the way lower. Panasonic (TKS:JP:6752) was down 1%, hitting fresh two-year lows, while Mitsubishi UFJ Financial (TKS:JP:8306) and Resona (TKS:JP:8308) fell some 3%, as did SoftBank (TKS:JP:9984) . Toshiba (TKS:JP:6502) , however, was up nearly 3.7% at another two-year high following its latest stock-buyback announcement.
Chinese stock benchmarks turned solidly higher, continuing recent outperformance, with sentiment continuing to be helped by planned and possible government action to shore up the economy. The Shanghai Composite (SHG:CN:SHCOMP) was up 1.3% and the smaller-cap Shenzhen Composite (SHENHZEN:CN:399106) was 1.4% higher. Oil names rebounded somewhat after a bounce overnight in oil prices.
Hong Kong stocks swung back and forth, and the Hang Seng Index (HONG:HK:HSI) was last up 1.7%, thanks to Tencent’s (HKG:HK:700) post-earnings jump. Chinese oil major Cnooc (HKG:HK:883) rebounded 2% as crude ticked up overnight. But financials remained under pressure.
Australian stocks (S&P:AU:XJO) fell initially but scratched out a less than 0.1% closing gain, as financials remained a drag on the broader index. Commonwealth Bank (ASX:AU:CBA) fell 0.5% and Westpac (ASX:AU:WBC) eased 0.4%, both off deeper earlier losses. New Zealand’s benchmark (NZE:NZ:NZ50GR) was down slightly.
South Korea’s Kospi (KOREA:KR:180721) was up about 1%, while indexes in Singapore (SES:SG:STI) and Taiwan were about flat.