Asian Shares Mixed Amid Hormuz Impasse

(RTTNews) - Asian stocks ended mixed on Thursday even as technology shares extended gains on renewed optimism over artificial-intelligence spending.

Investors closely monitored oil price movements and developments in the Iran conflict after talks between Washington and Tehran to end the war hit an impasse.

The U.S. dollar was steady ahead of the release of U.S. producer price index later today and readings on retail sales and consumer sentiment due on Friday.

Gold was subdued at $4,376 an ounce despite softer inflation data helping ease fears about potential rate increases by the U.S. Federal Reserve.

Brent crude futures fell more than 1 percent to trade below $88 a barrel, snapping a six-day advance after EIA data showed a massive increase in U.S. oil inventories last week and U.S. President Trump reiterated that the United States is in control of the Strait of Hormuz and there is nothing Iran can do about it.

China's Shanghai Composite index ended half a percent lower at 3,926.96, giving up early gains. Hong Kong's Hang Seng index slipped 0.17 percent to 25,396.51.

Lenovo Group shares soared 20 percent after the technology company reported stronger-than-expected quarterly revenue.

Japanese markets rose sharply as the yen remained under pressure despite expectations for further currency intervention and speculation that that the Bank of Japan would hike interest rates next month.

Data showed Japan's annual wholesale inflation remained elevated in July, highlighting broadening price pressures and bolstering rate hike bets. The Nikkei average climbed 1.16 percent to 68,308.59 while the broader Topix index closed 0.89 percent higher at 4,176.04.

Chip and electronics stocks surged, with Murata Manufacturing rallying 10.3 percent. Advantest and Kioxia Holdings both rose around 4 percent.

Seoul stocks ended sharply higher for the fourth consecutive session as bargain hunters scooped up major chipmakers. The Kospi index surged 3.56 percent to 6,813.34.

Samsung Electronics, SK Hynix and SK Square jumped 5-9 percent as investors cheered a series of strong earnings reports from U.S. AI infrastructure companies.

Australian markets ended slightly lower after RBA Assistant Governor Christopher Kent said recent rate increases are beginning to weigh on consumer spending and broader economic activity.

The benchmark S&P/ASX 200 slipped 0.23 percent to 9,188.50, dragged down by mining stocks. The broader All Ordinaries index dropped 0.25 percent to 9,381.40.

Rio Tinto tumbled 3.6 percent after its Tomago facility in New South Wales secured financial support from both the federal and state governments. ANZ Group shares soared 4.5 percent after the bank reported growth in its quarterly cash profit.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.64 percent to 13,825.30, snapping a two-day losing streak after a central bank survey showed that inflation will likely fall significantly over the next two years.

Overnight, U.S. stocks ended mixed as benign consumer-inflation data and strong quarterly results and forecasts from CoreWeave and Super Micro Computer offset concerns over stalled U.S.-Iran negotiations to reopen the Strait of Hormuz.

Data showed consumer prices inched up 0.1 percent month-on-month and 3.4 percent annually in July, matching expectations.

Core inflation, which excludes volatile food and energy prices, rose 0.2 percent on a monthly basis and 2.5 percent year-on-year.

While the Dow finished marginally lower, the S&P 500 rose 0.3 percent and the tech-heavy Nasdaq Composite gained half a percent.