Investing.com– Most Asian stock markets rose modestly on Wednesday, with Australian shares leading gains on an earnings-driven rally, while investors assessed soft Chinese inflation figures.
Gains were capped as traders remained cautious ahead of closely watched U.S. jobs data later in the day that could reshape expectations for Federal Reserve interest rates.
U.S. stock futures edged higher in Asian hours after Wall Street closed weaker overnight, with major indexes slipping as investors locked in profits following recent gains.
Get premium Asian stock market insights with analyst comments on InvestingPro
Aussie shares hit 15-wk high on earnings boost
Australia’s S&P/ASX 200 index outperformed regional peers, climbing 1.5% to its highest level since late October, supported by strong earnings from heavyweight companies.
Shares of jumped over 8% after the country’s largest lender reported a better-than-expected half-year profit, buoyed by resilient margins and stable credit quality.
Energy stocks also added to gains, with rising sharply after posting robust earnings and reaffirming its outlook.
Building materials maker advanced over 13% following solid quarterly results that underscored continued demand in key overseas markets.
Limiting gains in Australia, shares slumped over 12% on weak half-yearly earnings and CEO change.
Elsewhere in Asia, Japanese markets were shut for a public holiday. ended at a record high on Tuesday on optimism over Prime Minister Sanae Takaichi’s election victory.
South Korea’s jumped nearly 1%, while Singapore’s added 0.2%
Futures for India’s edged 0.1% higher.
China CPI grows less than expected; PPI remains in contraction
China’s rose at a slower pace than expected in January, while producer prices remained in deflationary territory, underscoring persistent pressure on domestic demand.
The data reinforced concerns that price weakness could continue to weigh on corporate profits, despite recent policy measures aimed at supporting growth.
China’s blue-chip and the traded largely flat.
Hong Kong’s gained 0.3%.