Asian Shares Mixed In Cautious Trade

(RTTNews) - Asian stocks ended mixed on Wednesday, with Japanese markets leading regional losses as strong wage data spurred expectations of a 2024 Bank of Japan interest rate hike.

Chinese stocks fell notably even as a private survey showed China's services sector in May expanded at its fastest pace since July last year.

Indian markets rebounded after suffering heavy losses in the previous session amid concerns that a smaller majority will see Prime Minister Modi face more difficulty in doling out reforms and infrastructure spending.

The dollar regained some of its lost momentum as focus shifted to the European Central Bank's policy decision on Thursday and the monthly U.S. payroll data due on Friday.

Gold edged up slightly in Asian trading while oil was little changed to hover near its lowest level in nearly four months after industry data pointed to an increase in U.S. crude stockpiles.

China's Shanghai Composite index fell 0.83 percent to 3,065.40, dragged lower by consumer and property shares. Hong Kong's Hang Seng index finished 0.1 percent lower at 18,424.96 after a choppy session.

Japanese markets lost ground as the yen rebounded on strong wage data. The Nikkei average dipped 0.89 percent to 38,490.17 while the broader Topix index settled 1.41 percent lower at 2,748.22.

Shares of shipping, steel and insurance companies led losses. SoftBank Group jumped 4.6 percent after reports that Elliott Management has rebuilt a stake worth over $2 billion in the Japanese tech investor.

Seoul stocks rallied, with the Kospi average climbing 1.03 percent to 2,689.50 after data revealed inflation in the country cooled more than expected to a 10-month low in May.

Heavyweight chipmaker Samsung Electronics surged 2.8 percent after Nvidia's CEO allayed investor concerns about the company's processors lagging behind competitors.

Australian stocks eked out modest gains despite Q1 2024 GDP numbers coming in below expectations.

The benchmark S&P/ASX 200 rose 0.41 percent to 7,769, with healthcare and consumer staple stocks pacing the gainers.

Mining and energy stocks fell again, tracking lower commodity prices. The broader All Ordinaries index edged up 0.35 percent to 8,022.20.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index closed up 0.98 percent at 11,996.71 after data showed a strong rebound in the Terms of Trade in Q1.

India's Sensex was up 2.8 percent as a third term for Prime Minister Narendra Modi appeared certain with the NDA hovering around the 300 mark.

U.S. stocks eked out modest gains overnight as Treasury yields extended their pullback seen over the past few sessions on data showing that U.S. job openings fell more than expected in April.

The Dow rose 0.4 percent while the tech-heavy Nasdaq Composite and the S&P 500 both inched up around 0.2 percent.