Asian stocks advanced on Tuesday as investors eagerly awaited U.S. CPI data and a highly anticipated meeting between U.S. President Joe Biden and Chinese leader Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco.<\/p>\n
A cautious undertone prevailed due to concerns about a possible U.S. government shutdown should Congress fail to pass a spending plan by Friday.<\/p>\n
The dollar index was up slightly, and gold was marginally lower, while oil extended overnight gains as OPEC’s revised outlook suggested robust demand for 2023.<\/p>\n
China’s Shanghai Composite Index rose 0.3 percent to 3,056.07 after data showed Chinese credit growth remained steady in October on the back of a big jump in government bond sales to finance stimulus.<\/p>\n
Hong Kong’s Hang Seng Index edged down 0.2 percent to 17,396.86, giving up earlier gains as caution prevailed ahead of a range of Chinese economic data due Wednesday, including reports on retail sales, industrial production and fixed-asset investment.<\/p>\n
Japanese shares eked out modest gains as a battered yen, which was stuck near a three-decade low against the dollar, boosted auto stocks.<\/p>\n
The Nikkei 225 Index rose 0.3 percent to 32,695.93, while the broader Topix Index settled 0.4 percent higher at 2,345.29.<\/p>\n
Toyota Motor, Nissan and Honda Motor climbed 1-2 percent. Tech stocks such as Advantest and Tokyo Electron jumped 3-4 percent.<\/p>\n
A former BoJ official stated that the central bank is likely to raise short-term rates to around 0.0 percent from -0.1 percent in April 2024.<\/p>\n
Seoul stocks recovered from a one-week low, with the Kospi jumping 1.2 percent to 2,433.25, led by battery makers, tech and chemical stocks. LG Chem, Naver, Kakao and LG Energy Solution surged 3-5 percent.<\/p>\n
Australian markets<\/span> recovered from an 11-month low despite a measure of consumer sentiment deteriorating in November amid higher interest rates.<\/p>\n The benchmark S&P\/ASX 200 Index advanced 0.8 percent to 7,006.70, marking its highest level since November 9 as higher iron ore prices lifted miners.<\/p>\n Heavyweights BHP and Rio Tinto rose 1.4 percent and 2 percent, respectively, while smaller rival Fortescue Metals Group surged 2.7 percent. Energy stocks also rallied, with Santos gaining 2.5 percent.<\/p>\n The broader All Ordinaries Index closed 0.9 percent higher at 7,207.10 ahead of wages and employment data due later in the week.<\/p>\n Across the Tasman, New Zealand benchmark S&P\/NZX 50 Index ended 0.7 percent higher at 11,173.28.<\/p>\n U.S. stocks ended mixed overnight amid lingering concerns regarding the country’s fiscal deficits and debt affordability.<\/p>\n Underlying sentiment was underpinned after the New York’s Fed survey showed American consumers’ short-term inflation expectations fell in October.<\/p>\n The Dow inched up 0.2 percent while the tech-heavy Nasdaq Composite slipped 0.2 percent and the S&P 500 finished marginally lower following Friday’s strong rally. <\/p>\n