Dipo Olowookere
By Investors Hub
Asian stocks finished broadly lower on Thursday as renewed concerns about the impact of tariffs offset earnings optimism and upbeat comments from U.S. Federal Reserve Chairman Jerome Powell during his two days of testimony.
China’s Shanghai Composite Index fell 14.28 points or 0.5 percent to 2,772.98 despite moves by the central bank to boost the liquidity of commercial banks. Hong Kong’s Hang Seng Index eased 106.56 points or 0.4 percent to close at 28,010.86.
The offshore yuan weakened to linger near a twelve-month low after the central bank weakened its fixing beyond 6.7.
Japanese shares ended a choppy session modestly lower as the yen strengthened against major currencies after the Bank of Japan reduced purchases of longer-dated bonds for the first time since January.
The Nikkei 225 Index edged down 29.51 points or 0.1 percent to 22,764.68, snapping a four-day winning streak. The broader Topix Index finished marginally lower at 1,749.59.
Japan posted a merchandise trade surplus of 721.408 billion yen in June, the Ministry of Finance said today. That exceeded expectations for a surplus of 531.2 billion yen following the 578.3 billion yen deficit in May.
Exports advanced an annual 6.7 percent to 7.052 trillion yen, while imports were up just 2.5 percent from a year earlier.
Meanwhile, Australian shares rose, led by banks and mining stocks after data showed employment surged by the most this year in June.
The jobless rate in Australia came in at a seasonally adjusted 5.4 percent in June, matching expectations and unchanged from the previous month. The economy added 50,900 jobs last month – shattering expectations for an increase of 16,500 jobs following the addition of 12,000 jobs in May.
The benchmark S&P/ASX 200 Index rose 17.60 points or 0.3 percent to 6,262.70, while the All Ordinaries Index ended up 25.90 points or 0.4 percent at 6,355.
Banks ANZ, Commonwealth and NAB rose between half a percent and 0.7 percent as the jobs report topped forecasts on all fronts, helping ease recent concerns over weak property demand.
Mining giant BHP Billiton edged up slightly to extend Wednesday’s gains after reporting record annual iron ore output. BHP’s spin-off South32 rallied 2 percent. Santos advanced 1.7 percent despite the oil and gas producer reporting a 3 percent decline in second-quarter production.
On the other hand, gold miners extended losses for the fifth straight session, with Newcrest Mining losing 1.2 percent and Evolution tumbling 4.4 percent.
