CANBERA (dpa-AFX) - Asian stocks advanced on Thursday as companies like Alphabet and SK Hynix posted encouraging earnings and media reports suggested that the EU and U.S. are closing in on a trade deal that would impose 15 percent tariffs on European imports.
Gold traded weak around $3,375 per ounce in Asian trade and the dollar held at more than two-week low ahead of the ECB interest-rate decision, while oil climbed following a string of losses.
China's Shanghai Composite index jumped 0.65 percent to 3,605.73 on signs of easing U.S.-China tensions before vital trade talks.
Hong Kong's Hang Seng index rose 0.51 percent to 25,667.18 as a summit between China and the European Union (EU) kicked off in Beijing, with leaders set to discuss issues ranging from trade conflict to the war in Ukraine.
Japanese stocks logged strong gains for a second straight session on optimism over the new U.S.-Japan trade deal.
The Nikkei average ended up 1.59 percent at 41,826.34, after having crossed the psychological 42,000 mark earlier for the first time since July of last year.
The broader Topix index surged to 2,986.63 for the first time ever before settling 1.75 percent higher at 2,977.55.
Seoul stocks eked out modest gains as chip giant SK Hynix posted record profits on surging AI demand, and new data showed South Korea avoided a technical recession.
Data showed GDP grew 0.6 percent quarter-on-quarter in Q2 2025 after a 0.2 percent contraction in Q1. The Kospi average edged up by 0.21 percent to 3,190.45.
Australian markets ended slightly lower despite easing trade tensions and encouraging July manufacturing data. The benchmark S&P/ASX 200 dropped 0.32 percent to 8,709.40 while the broader All Ordinaries index slipped 0.24 percent to close at 8,979.40.
Macquarie Group shares plummeted 5.1 percent after the investment bank reported a dip in first-quarter profit and announced the departure of its chief financial officer.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index finished marginally higher at 12,805.13, ending a two-day decline.
U.S. stocks climbed overnight as President Donald Trump announced trade deals with Japan and the Philippines, sparking optimism for similar agreements with other major economies ahead of the looming tariff deadline.
Investors shrugged off data that showed U.S existing home sales hit a nine-month low in June.
The tech-heavy Nasdaq Composite Nasdaq and the S&P 500 gained 0.6 percent and 0.8 percent, respectively to reach new record closing highs while the Dow jumped 1.1 percent.
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