Asian stocks cut early losses to end mixed on Wednesday after a slew of Chinese data topped forecasts. <\/p>\n
The undertone remained cautious somewhat after a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed more than 500 people including women and children.<\/p>\n
Hamas attributed the blast to an Israeli airstrike, but the Israeli military said it was not involved and the explosion was caused by a misfired Palestinian rocket.<\/p>\n
The dollar rally stalled after Chinese GDP, industrial output and retail sales data surprised on the upside. <\/p>\n
Gold rose about 1 percent amid heightened geopolitical tensions in the Middle East while crude prices jumped nearly 2 percent on supply concerns. <\/p>\n
Chinese shares fell sharply after data showed GDP grew at a 4.9 percent annual pace in July-September, down from 6.3 percent in the previous quarter but above forecasts for a 4.4 percent increase. <\/p>\n
Retail sales and industrial output figures for September also surprised on the upside, while fixed asset investment and property investment figures for the first nine months of 2023 disappointed investors. <\/p>\n
China’s Shanghai Composite index fell 0.80 percent to 3,058.71 while Hong Kong’s Hang Seng index slipped 0.23 percent to 17,732.52.<\/p>\n
Japanese shares reversed course to end marginally higher. The Nikkei average ended little changed at 32,042.25 while the broader Topix index settled 0.14 percent higher at 2,295.34. <\/p>\n
Oil company Inpex Corp soared 4.5 percent as a result of the jump in crude oil prices. Banks Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial climbed 1-2 percent. <\/p>\n
The Japanese yen jumped briefly earlier in the session after the Bank of Japan announced unscheduled bond purchases to stem a rise in yields.<\/p>\n
Seoul stocks fluctuated before ending flat with a positive bias after data showed China’s economy<\/span> gained momentum last quarter. <\/p>\n Market bellwether Samsung Electronics surged 1.6 percent while battery makers Samsung SDI and LG Energy Solution both fell over 2 percent. <\/p>\n