Stocks in Asia traded mixed Thursday following a retreat in US shares, with European futures pointing toward a mildly weaker start, on signs the global rally in equities is stalling. Indian investors assessed an interest-rate cut by the central bank that most hadn’t foreseen.
Japanese shares fell amid a raft of corporate earnings, even as SoftBank Group Corp. surged as much as 17% on plans for its biggest-ever buyback.
Australian shares rose for a fourth day, showing little signs of exhaustion as the benchmark index climbed further into technically overbought territory.
The New Zealand dollar extended a decline after weaker-than-expected jobs data, while its Australian counterpart traded lower following Wednesday’s central bank shift to a neutral policy stance. China and Hong Kong are shut.
The rupee dropped after the Reserve Bank of India cut the repurchase rate by a quarter point, a decision predicted by just 11 of 43 economists, but the currency recouped the modest decline.
Investors globally are dealing with a lack of fresh impetus to extend the 2019 rally in risk assets ahead of meetings between the US and China on trade next week. In Washington, there was little progress on the domestic front with the deadline fast approaching for Congress and the White House to reach a deal on keeping the government open. Asian traders remain hamstrung by a dearth of activity as Chinese and Hong Kong markets remained shut for Lunar New Year.
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