Asian Shares Mixed As Alibaba Shares Plunge

Asian stocks ended mixed on Friday after Japan unveiled a record 56 trillion yen, or $490 billion stimulus package, and Chinese e-commerce giant Alibaba missed revenue and earnings expectations, heightening worries about Beijing’s broad regulatory crackdown and slowing growth in the world’s second biggest economy.

Chinese shares rallied after reports that Beijing is likely to introduce more tax and fee reductions that could amount to more than 500 billion yuan ($78.31 billion). The benchmark Shanghai Composite Index jumped 39.66 points, or 1.1 percent, to settle at 3,560.37.

Meanwhile, Hong Kong’s Hang Seng Index slumped 269.75 points, or 1.1 percent, to 25,049.97 after Alibaba Group Holding reported disappointing results, Shares of the e-commerce giant plunged 10.7 percent.

Japanese shares advanced after Prime Minister Fumio Kishida announced a fresh stimulus package with spending worth around 56 trillion yen ($490 billion).

Investors shrugged off data showing that October consumer inflation eased to an annual 0.1 percent from the previous month’s 0.2 percent.

The Nikkei 225 Index rose 147.21 points, or half a percent, to 29,745.87, while the broader Topix closed 0.4 percent higher at 2,044.53.

Chipmaking giants tracked their U.S. peers higher, with Tokyo Electron rallying 3.7 percent. Advantest and Screen Holdings both rose about 1.6 percent after Nvidia beat earnings and sales expectations for the third quarter.

Oil company Inpex Corp. jumped 3.2 percent after a rebound in oil prices. Kubota added 6.2 percent after it agreed to raise its stake in Indian tractor maker Escorts.

SoftBank Group declined 1.9 percent after its largest asset Alibaba Group slashed its forecast for annual revenue growth.

Australian markets eked out modest gains as banks rebounded and U.S.-based investment management company Blackstone launched its third attempt to take over gambling and hotels giant Crown Resorts.

The benchmark S&P/ASX 200 Index edged up 17.30 points, or 0.2 percent, to 7,396.50, while the broader All Ordinaries Index ended up 16.70 points, or 0.2 percent, at 7,729.90.

Commonwealth Bank rose 0.4 percent after foraying into the cryptocurrency space, but the other three big banks ended with modest losses.

Crown Resorts surged 16.6 percent after Blackstone increased its offer for the troubled casino group. Miners BHP, Fortescue Metals Group and Rio Tinto rose between 0.8 percent and 1.1 percent.

Seoul stocks bounced back as foreign and institutional investors went bargain hunting after three days of losses. The Kospi climbed 23.64 points, or 0.8 percent, to 2,971.02. Tech, auto and bio stocks led the market advance.

Pharmaceutical giant Samsung Biologics spiked over 6 percent after the country registered its highest daily jump in Covid-19 cases since the start of the pandemic.

LG Electronics soared 9 percent after reports that Apple Inc. is accelerating plans for a battery-powered autonomous vehicle within four years.

Producer prices in South Korea were up 0.8 percent month-on-month in October, the Bank of Korea said today, accelerating from 0.4 percent in September.

New Zealand shares fell, with the benchmark NZX-50 Index closing down 60.21 points, or 0.5 percent, at 12,740.12 as investors weighed the prospects of higher interest rates.

Retirement village owner Ryman Healthcare lost 4.8 percent despite the company reporting a 33 percent jump in its first-half profit.

U.S. stocks fluctuated before closing mixed overnight as concerns over inflation and supply chain problems offset the latest economic data painting a positive picture of the world’s largest economy.

The tech-heavy Nasdaq Composite rose half a percent and the S&P 500 edged up 0.3 percent to reach new record closing highs, while the Dow slipped 0.2 percent.

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