Market indexes in Hong Kong and Shanghai fell as investors booed profit after a one-month rally. The Chinese yuan dropped to a six-month low ahead of the update on the manufacturing sector.
Shanghai became the first tier-1 city to announce measures to revive property market transactions amid affordability issues and a lack of confidence in property developers.
Stocks in Tokyo rebounded, the yen edged lower, and the yield on the 10-year Japanese government bond held above 1% as investors digested cautious comments from Bank of Japan Governor Ueda.
Benchmark indexes in Shanghai advanced after falling in the previous four consecutive sessions. China's industrial profits rebounded in April, and investors looked ahead to the release of a manufacturing sector activity update on Friday.
Japan's consumer price inflation eased in April after food price inflation slowed, but overall prices continued to rise above the 2% level since March 2022. The Nikkei 225 Stock Average extended weekly losses, reflecting volatility in tech stocks.
Market indexes in Shanghai and Hong Kong fell sharply and extended weekly losses after investors turned cautious amid a weak earnings growth outlook and a lack of economic catalysts.
Tech stocks supported the strong market advance in Tokyo trading, and market indexes halted a two-day slide. Japan's private sector business activity index accelerated for the third month in a row and reached a nine-month high.
Market indexes in Shanghai and Hong Kong declined for the third day in a row as the six-week market rally lost steam amid corporate earnings weakness and persistent weakness in the property market.
The stock market rally in Shanghai and Hong Kong appeared to run out of steam after market indexes rebounded to 10-month highs earlier in the week. Xpeng reported a narrower-than-expected loss in the first quarter.
Stocks in Tokyo erased morning gains, and benchmark indexes closed down ahead of the release of consumer price inflation data later in the week. Tokio Marine announced a plan to buy back its own stock.
Market indexes in Hong Kong and Shanghai turned lower after Li Auto reported a sharp decline in its first quarter profit because of intense price competition in the electric vehicle market.
Benchmark indexes in Tokyo extended gains in the previous four weeks, and the yen drifted lower against the U.S. dollar. Banks, technology, resource, and mining companies were among the leading gainers.
The People's Bank of China held steady its one-year and five-year loan prime rates and announced multiple measures to increase liquidity and facilitate transactions in the residential property market.
Benchmark indexes in Japan extended weekly gains, and investors reviewed the persistent weakness in consumer spending highlighted in the latest GDP report. The yen faced renewed selling pressure amid worries about the wide interest rate gap between Japan and the U.S.
