Most Asian stock markets rose modestly on Wednesday, with Australian shares leading gains on an earnings-driven rally, while investors assessed soft Chinese inflation figures.
Gains were capped as traders remained cautious ahead of closely watched U.S. jobs data later in the day that could reshape expectations for Federal Reserve interest rates.
U.S. stock futures edged higher in Asian hours after Wall Street closed weaker overnight, with major indexes slipping as investors locked in profits following recent gains.
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Aussie shares hit 15-wk high on earnings boost Australia’s S&P/ASX 200 index outperformed regional peers, climbing 1.5% to its highest level since late October, supported by strong earnings from heavyweight companies.
Shares of Commonwealth Bank Of Australia (ASX:CBA) jumped over 8% after the country’s largest lender reported a better-than-expected half-year profit, buoyed by resilient margins and stable credit quality.
Energy stocks also added to gains, with AGL Energy (ASX:AGL) rising sharply after posting robust earnings and reaffirming its outlook.
Building materials maker James Hardie Industries (ASX:JHX) advanced over 13% following solid quarterly results that underscored continued demand in key overseas markets.
Limiting gains in Australia, CSL Ltd (ASX:CSL) shares slumped over 12% on weak half-yearly earnings and CEO change.
Elsewhere in Asia, Japanese markets were shut for a public holiday. Nikkei 225 ended at a record high on Tuesday on optimism over Prime Minister Sanae Takaichi’s election victory.
South Korea’s KOSPI jumped nearly 1%, while Singapore’s Straits Times Index added 0.2%
Futures for India’s Nifty 50 edged 0.1% higher.
China CPI grows less than expected; PPI remains in contraction China’s consumer price index rose at a slower pace than expected in January, while producer prices remained in deflationary territory, underscoring persistent pressure on domestic demand.
The data reinforced concerns that price weakness could continue to weigh on corporate profits, despite recent policy measures aimed at supporting growth.
China’s blue-chip Shanghai Shenzhen CSI 300 index and the Shanghai Composite traded largely flat.
Hong Kong’s Hang Seng index gained 0.3%.
