BEIJING, May 8 — Asian stocks rose broadly on Thursday despite United States (US) stocks falling for a second straight session overnight, reported dpa-AFX.
Traders reacted to the US Federal Reserve's status-quo rate decision and awaited cues from upcoming trade negotiations between China and the US.
Later in the day, the US and the United Kingdom are expected to announce a deal to reduce tariffs. The US Dollar Index was largely steady in Asian trading as Goldman Sachs raised its inflation forecast, in part to account for dollar weakness.
Gold drifted lower while oil edged up slightly after falling more than US$1 in the previous session.
China's Shanghai Composite index ended up 0.28 per cent at 3,352 as defence stocks surged amid rising tensions between India and Pakistan after the Pahalgam attack. Hong Kong's Hang Seng index closed up 0.37 per cent at 22,775.92, giving up some early gains after Chinese authorities rolled out interest rate cuts and other moves to help support the faltering economy.
Japanese markets achieved modest gains as chip-related shares followed their US peers higher. The Nikkei average rose 0.41 per cent to 36,928.63 while the broader Topix index finished marginally higher at 2,698.72.
Seoul stocks edged slightly, with the Kospi average rising 0.22 per cent to 2,579.48, marking its third straight session of gains. Battery and retail shares paced the gainers, with LG Energy Solution adding 1.6 per cent and POSCO Future M rallying 3.1 per cent.
Australian markets ended modestly higher after a choppy session. The benchmark S&P/ASX 200 increased by 0.16 per cent to 8,191.70 while the broader All Ordinaries index gained 0.26 per cent to close at 8,421.70.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index slipped 0.24 per cent to 12,467.03.
US stocks eked out modest gains overnight after two days of losses. The Dow climbed 0.7 per cent, the S&P 500 added 0.4 per cent, and the tech-heavy Nasdaq Composite rose 0.3 per cent.
— Bernama
