CANBERA (dpa-AFX) - Asian stocks ended mixed on Thursday even as the U.S. and Mexico kicked in more stimulus to limit coronavirus fallout.
U.S. Congress is set to pass a nearly $500 billion coronavirus aid bill later today with even more relief measures expected to follow to cushion the economic blow from the outbreak.
Mexico proposed to increase spending on social programs and infrastructure projects by $25.6bn, after the country moved to 'Phase Three,' the most serious stage of the pandemic.
Chinese shares drifted lower amid mounting economic uncertainty sparked by the coronavirus pandemic. The benchmark Shanghai Composite index slid 0.19 percent to 2,838.50, while Hong Kong's Hang Seng index rose 0.35 percent to 23,977.32.
S&P Global Ratings cautioned that credit conditions in the Asia-Pacific region would be 'very tough' going into the second half of 2020 and that long-term recovery remained uncertain due to damage from the outbreak.
Japanese shares rallied as U.S. stocks rebounded and investors eyed another stimulus package from U.S. Congress. The Nikkei average jumped 291.49 points, or 1.52 percent, to 19,429.44 after three straight sessions of losses. The broader Topix index closed 1.36 percent higher at 1425.98.
Oil company Inpex surged 6 percent and Japan Petroleum soared 5.6 percent while automaker Honda Motor added 3.9 percent and Toyota Motor gained 1.1 percent.
Investors shrugged off a survey showing that the manufacturing sector in Japan continued to contract in April, and at a faster pace.
Australian markets fluctuated before finishing marginally lower as survey data from the IHS Markit showed the country's private sector contracted at a much stronger pace in April with severe fall reported by service providers due to the coronavirus pandemic.
Banks finished broadly lower, with Commonwealth losing 0.7 percent and NAB declining 1.1 percent. Private hospitals giant Ramsay Health Care plunged 5.9 percent after completing a discounted share placement.
Mining heavyweights BHP and Rio Tinto rose 2.7 percent and 1 percent, respectively. Lynas share soared 16.9 percent after the company said the U.S. military has chosen it for the initial funding for a U.S.-based rare earths separation facility in Texas.
Santos jumped 6.8 percent as the country's second-largest independent gas producer reassured investors on its financial position to weather the recent plunge in prices.
Seoul stocks rose for the second straight session as rebounding oil prices helped offset disappointing GDP data. The benchmark Kospi climbed 18.58 points, or 0.98 percent, to 1,914.73.
South Korea's gross domestic product contracted a seasonally adjusted 1.4 percent sequentially in the first quarter of 2020, the Bank of Korea said in an advance estimate. That follows the 1.3 percent increase in the previous three months.
South Korea's health authorities said today that they will prepare medical resources for a possible second wave of the Covid-19 infections this autumn and winter in conjunction with the flu season.
New Zealand shares rose slightly after three days of losses. The benchmark NZX-50 index edged up 0.27 percent to 10,446.11.
U.S. stocks rose for the first time in three days on Wednesday as oil markets stabilized, Senators passed another coronavirus relief package and Treasury Secretary Steven Mnuchin said he was looking forward to having most of the U.S. economy open later in the summer.
The Dow Jones Industrial Average climbed 2 percent, the tech-heavy Nasdaq Composite spiked 2.8 percent and the S&P 500 surged 2.3 percent.
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