FX.co ★ Asian Shares Mixed As China Briefing Disappoints

On Thursday, Asian equities showed varied performance. The Chinese and Hong Kong stock markets reversed their initial gains and closed significantly lower following China's announcement of limited measures to support the struggling property sector. These steps included expanding a "white list" for housing projects eligible for financing and increasing bank lending to these projects to 4 trillion yuan.

Despite the announcement from China's housing minister, which offered little in the way of new substantial measures, investor confidence remains shaky, particularly as they await third-quarter GDP data due on Friday.

In the commodities market, gold prices edged closer to record highs during Asian trading sessions. This increase comes amid growing speculation regarding a potential return of the Trump presidency and its possible inflationary impacts, which has also boosted the US dollar.

Meanwhile, the euro fell to an 11-week low, with the European Central Bank anticipated to announce a rate cut soon. Oil prices continued their decline for the fifth consecutive day due to concerns over demand from China and a potential global oversupply.

Looking at the stock indices, China's Shanghai Composite Index dropped by 1.05 percent to close at 3,169.38, reflecting dissatisfaction with the housing policy briefing. Similarly, Hong Kong's Hang Seng Index decreased by 1.02 percent to 20,079.10, with property developers significantly impacted by investor disappointment.

Japanese stock markets also witnessed a notable decline as data showed a reduction in exports for the first time in 10 months. The Nikkei Average fell by 0.69 percent to 38,911.19, while the broader Topix Index decreased slightly by 0.11 percent to 2,687.83. Tech stocks, including Tokyo Electron, continued their downward trend with a 3.2 percent decline.

In South Korea, the Seoul market saw minimal changes amid a volatile trading session. The Kospi Index finished slightly lower at 2,609.30, as foreign investors continued their selling spree for a second day. Notable declines included a 4.7 percent drop for Hyundai Motor and a 2.7 percent fall for its affiliate, Kia Corp.

Conversely, Australian markets surged to new heights, buoyed by a better-than-expected unemployment rate of 4.1 percent in September, slightly below the anticipated 4.2 percent. The S&P/ASX 200 Index increased by 0.86 percent to 8,355.90, while the All Ordinaries Index rose by 0.79 percent to finish at 8,624.10. Financial stocks led the gains, with major banks recording increases of 1.3 percent to 2.6 percent.

Across the Tasman Sea, New Zealand's S&P/NZX-50 Index rose by 1.01 percent to 12,768.54.

In the U.S., stock markets closed higher the previous night, buoyed by positive earnings reports from Morgan Stanley and United Airlines. The Dow Jones Industrial Average climbed 0.8 percent, reaching a new record closing high, the S&P 500 gained 0.5 percent, and the Nasdaq Composite increased by 0.3 percent.