Asian markets ended Wednesday session on a higher note, with the Nikkei being the only index to close in red territories, Asian equities found support from by positive earnings results in Wall Street and improved investor sentiment regarding global economic growth.
Meanwhile, in greater China, all major markets ended the session in green amid the unveiling of the countries new leadership team, with the Shanghai Composite adding 0.26 percent to trade at 3,396.90 at the close, while the Shenzhen Composite surged by 0.78 percent to end the session at 2,025.32. Meanwhile, in Hong Kong, the Hang Seng index advanced by 0.53 percent to ease all loss incurred in the previous session to settle at 28,302.89 at the close.
Furthermore, in the unveiling ceremony, the new leadership of the seven politburos will be led by President Xi Xingping, with the president emphasized on pushing his agenda faster, the One Belt, One road initiative being a primary focus.
Over in South Korea, Equities traded slightly higher as several firms reported upbeat earning results, South Korea’s leading index KOSPI edged up by 0.08 percent to settle at 2,492.50 at the close.
South Korean Tech giant LG display saw its share price surge after the company reported that third-quarter profits rose by 81 percent from a year ago. Operating profit came in at 519 million dollars; LG shares price closed 0.17 percent higher.
Japan (Nikkei 225)
Japan’s Nikkei 255 closed lower to end its 16-day winning streak; the index fell as investors locked in their profits, the benchmark declined by 0.45 percent to trade at 21,707.62 after-hours.
In economic news, Nikkei said the manufacturing in Japan continued to expand in October, with a Manufacturing PMI of 52.5, even though it is slightly down compared by 52.9 in September.
The index fell on losses from most of its sectors with the Utilities, Consumer- noncyclical and healthcare sectors incurred the heaviest losses. However, gains in the Financials and Basic materials sector helped limit further losses for the Nikkei 225.
Australia (ASX 200)
The Australian benchmark index ASX200 advanced on Wednesday, lifted by gains in the energy and basic material sectors, leading Aussie ASX 200 benchmark rose by 0.14 percent to settle at 5,905.60 at the close.
In terms of economic news, the Australian Bureau of Statistics released Australia’s latest Inflation figures, the data showed the inflation fell shy of economist estimates, with Consumer price index(CPI) quarter on quarter rose by 0.6 percent compared to a 0.8 percent expected rise. Meanwhile, Year-on-Year CPI fell to 1.8 percent, below an expected rise to 2.0 percent, and below previous reading of 1.9 percent.
In corporate news, shares of Stockland Corp rose by more than 1 percent after the company reaffirmed that it is on track to year guidance.
In the mining sector, Gold miners gained on Tuesday, as Evolution Mining and Newcrest Mining rose be nearly 1 percent each.
On the other hand, banking stocks ended the session on mixed notes, with National Australia Bank adding 0.3 percent, ANZ Banking rose by 0.2 percent. On the other hand, Commonwealth Bank and Westpac traded lower, falling by less the 0.1 each.
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