Asian stocks track Wall St higher, China lags on economic concerns By

-- Most Asian stocks rose on Ranking of domestic foreign exchange brokersWednesday after data released overnight spurred increased bets that the Federal Reserve was close to ending its current rate hike cycle, while Chinese markets continued to lag on a worsening economic outlook.

Regional stocks took positive cues from a , following better-than-expected bank earnings and as a smaller-than-expected rise in retail sales pointed to easing inflationary pressures. 

The data spurred bets that an upcoming by the Fed in end-July will be its last for the time being, and pushed investors into risk-driven assets. 

Japan’s index was the best performer among its Asian peers, up 1%, while the broader also added 1%. Automakers were the best performers for the day, with majors Nissan Motor (TYO:) and Mazda Motor (TYO:) up 6% and 4%, respectively, ahead of their earnings in the coming weeks.

Australia’s added 0.5%, while led gains across Southeast Asia with a 0.3% rise. 

Indian stocks notch record highs, consolidation in sight 

Singapore-traded futures for India’s index pointed to a flat open, after the Nifty and the hit record highs on Tuesday amid strength in major technology stocks and optimism over ' (NS:) demerger of its financial unit. 

Strong earnings from the financial sector also boosted major Indian bank stocks this week. But this momentum appeared to be somewhat running out of steam on Wednesday, as Nifty Futures indicated a flat open.

Analysts also said that some consolidation in the Indian market may now be in store, given that local indexes notched new highs for the past two weeks.

Chinese markets lag, Hong Kong tech sees more profit taking

On the other hand, China’s and indexes lagged their regional peers for a third straight session, as markets awaited more stimulus measures from the Chinese government.

Chinese officials and local media reports said that the government will roll out more stimulus measures in the coming days, after data showed that China's in the second quarter.

Hong Kong’s index was the worst-performing Asian index for a second consecutive day, sliding 1.5% as investors locked in profits in major technology stocks. 

Majors including Baidu Inc (HK:) (NASDAQ:), Group (HK:) (NYSE:) and Tencent Holdings Ltd (HK:) slid between 1.8% and 4.4%, after having a strong run over the past week. 

Concerns over worsening economic conditions in China weighed on other stocks with exposure to the country. The index shed 0.1%, while South Korea’s lost 0.2%. 

 

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!