Asia: Japanese stocks rise on weaker yen, Chinese equities slip
Asian stocks were mixed on Thursday as Japanese equities reverted to gains while Chinese shares declined.
BHP Billiton Ltd.
$45.23
08:31 24/04/24
Nikkei 225
37,628.48
09:43 25/04/24
PANASONIC
n/a
n/a
The Nikkei 225 index recovered from Wednesday's losses and closed 1.08% higher thanks to a weaker yen. The Japanese currency was ¥124.15 against the dollar.
In economic news, industrial production rose 0.8% in June from a decline of 2.1% one month earlier. Year-on-year, it rose to 2% from -3.9% same time last year.
In the corporate world, Nintendo gained 8.27% after posting a surprising swing to profits during the first quarter of the year driven by a 20% increase in sales.
Panasonic shares shed 5.79%, as the company's profit fell 7% during the first quarter on housing tech sales decline.
Chinese stocks declined, with the Shanghai composite index down 2.16% and Hong Kong's Hang Seng falling 0.54%.
The declines follow reports from the China Securities Journal that Chinese banks are investigating their exposure to the stock market via wealth management products and loans disbursed, Reuters reported.
Elsewhere in Australia, the ASX index rose 0.81% led by miners and commodity price strength and despite building approvals plunging, with the data cooling fears of an overheated property market.
According to the Australian Bureau of Statistics, export prices fell 4.4% during the second quarter of the year, compared with a 0.8% loss one quarter earlier.
Import prices rose 1.4%, reversing from a 0.2% decline in the first quarter.
BHP Billiton gained 0.43% after announcing it is shifting its treasury staff to London.