|
Asian stocks advanced on Thursday as soft inflation readings from the U.S. spurred expectations for more Fed rate cuts this year. The dollar weakened while the Japanese yen surged to hit a one-month high on potential Japanese rate hikes. Gold held steady below $2,700 per ounce after several Federal Reserve officials said they are confident that inflation is on its way to a 2 percent annual rate. Oil extended gains after hitting multi-month peaks in the previous session, driven by a larger-than-forecast fall in U.S. crude oil stocks and concerns around the potential impact of the new U.S. sanctions on Iranian and Russian crude oil exports. Japanese markets eked out modest gains despite the yen's rise amid speculation of a BoJ rate hike next week. The Nikkei average edged up by 0.33 percent to 38,572.60 while the broader Topix index settled marginally lower at 2,688.31. Tech stocks jumped despite the United States unveiling further export controls on advanced computing semiconductors. Advantest rose 1.2 percent, SoftBank Group rallied 2.2 percent and Tokyo Electron surged 3.9 percent. Japan's annual wholesale inflation held steady at 3.8 percent in December on stubbornly high food costs, data showed today, a day after Bank of Japan Governor Kazuo Ueda said the bank will debate whether to raise rates at the Jan. 23-24 meeting. Powered by Capital Market - Live News |