Asian stocks eked out modest gains on Wednesday as investors awaited U.S. consumer price inflation data as well as Fed minutes from the March meeting for clues on the monetary path of the central bank.<\/p>\n
Gold edged higher on dollar weakness and bond yields were relatively steady following mixed comments from Federal Reserve officials about further policy tightening.<\/p>\n
While Chicago Fed President Austan Goolsbee argued the Fed should exercise “prudence and patience,” New York Fed President John Williams said officials have more work to do to tackle inflation.<\/p>\n
Oil prices were slightly higher in Asian trading, adding to overnight gains after industry data showed crude inventories rose by about 380,000 barrels in the week ended April 7.<\/p>\n
Chinese shares rose as data showed new bank lending in the country hit an all-time high in the first quarter. The benchmark Shanghai Composite Index climbed 0.4 percent to 3,327.18, while Hong Kong’s Hang Seng Index fell 0.9 percent to 20,309.86.<\/p>\n
Seoul stocks ended higher for a fourth straight session, with Hyundai Motor, Kia Corp. and POSCO Holdings rising 1-3 percent. The Kospi finished 0.1 percent higher at 2,550.64 after choppy trading.<\/p>\n
Japanese stocks advanced after Berkshire Hathaway chairman Warren Buffett said in an interview that he has raised his holdings in five Japanese trading houses.<\/p>\n
Investors shrugged off data showing that Japanese core machinery orders fell 4.5 percent in February from the previous month.<\/p>\n
The Nikkei 225 Index climbed 0.6 percent to 28,082.70, while the broader Topix closed 0.8 percent higher at 2,006.92.<\/p>\n
Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co. and Sumitomo Corp. jumped 2-3 percent, lifted by Buffett’s strong message.<\/p>\n
Construction machinery maker Komatsu rallied 3.3 percent after reporting a 4 percent increase in use of its equipment in China through March.<\/p>\n