Chinese stocks, though, bounced back from Wednesday’s steep decline to keep them on track for their best month since November 2022
Asian equities were mostly down on Thursday, while the dollar and U.S. Treasuries were largely steady ahead of key U.S. inflation data that could provide fresh clues on when the Fed will reduce interest rates.
Chinese stocks, though, bounced back from Wednesday’s steep decline to keep them on track for their best month since November 2022.
The yen advanced as a BoJ official hinted at the need to exit ultra-easy monetary stimulus.
In the meantime, crypto currency bitcoin fluctuated near $61,400 after a three-day, 24% rise that brought it to a more than two-year high at $63,933.
Thursday also sees inflation data from Germany, France and Spain, ahead of the euro area’s figures on Friday.
Japan’s Nikkei share average slid 0.45% as of 0205 GMT, dropping further from the record high hit on Tuesday.
South Korea’s Kospi dropped 0.54%, while Taiwan and Australia benchmarks were flat.
Nonetheless, mainland Chinese blue chips climbed 0.82%, recovering after a 1.27% decline in the earlier session. For the month, they are 8.3% higher, looking certain to snap a six-month streak of declines.
This month, state-led buying and tighter regulations have been basically responsible for pulling the index off five-year lows, but anticipations for more aggressive stimulus will need to become reality to retain the momentum amid a moribund economy, hampered with listless consumers and a struggling property market.
Next week’s annual session of the National People’s Congress, where the year’s growth target will be set, and a plan laid out for achieving it, will provide the clearest indications of the government’s stimulus efforts.
Hong Kong’s Hang Seng advanced 0.44%.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.06%.
