SYDNEY, April 29 — Asian stocks rose in thin trade today, with Japanese markets closed for a holiday, reported dpa-AFX.
Traders looked ahead to the Federal Reserve’s policy meeting on Wednesday after the central bank’s preferred inflation gauge largely met expectations.
No change in interest rates is expected but the post-meeting statement as well as Chair Jerome Powell’s press conference may give hints about interest rate moves to come.
The yen surged after briefly hitting 160 against the dollar in early Asian trading on speculation about whether authorities will intervene to support the Japanese currency.
Gold saw modest losses and oil prices were down nearly 1 per cent as US Secretary of State Antony Blinken stepped up efforts to secure a truce in Gaza in meetings in the Middle East.
On Friday, Bank of Japan Governor Kazuo Ueda played down the impact of the weak yen on fuelling inflation.
Mainland Chinese and Hong Kong markets posted strong gains even as a fall in March industrial profits raised doubts about China’s economic recovery.
China’s Shanghai Composite index rose 0.79 per cent to 3,113.04 while Hong Kong’s Hang Seng index rose 0.54 per cent to 17,746.91.
Property developers paced the gainers with hopes that policymakers will unveil more stimulus measures this week.
Seoul stocks rallied, with the Kospi average climbing 1.17 per cent to 2,687.44 on large-cap gains.
Australian markets ended notably higher, led by banks and healthcare stocks. The benchmark S&P/ASX 200 jumped 0.81 per cent to 7,637.40, marking its best single-day gain since April 22. The broader All Ordinaries index settled 0.88 per cent higher at 7,906.60.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index climbed 0.94 per cent to 11,916.24. — Bernama-dpa-AFX
