Stock market indexes in Tokyo advanced for the second day in a row amid growing policy uncertainty and heightened political instability as leading political parties struggle to form the next government.
China indexes fluctuated around the flatline as investors reviewed the latest earnings from HSBC, WuXi App Tec, and Sinopec. HSBC announced a stock repurchase plan of $3 billion.
Japan's political instability is likely to add another layer of complexity to the Bank of Japan's interest rate normalization plans, as the leading political parties lack enough seats to form a stable government.
China indexes traded around the flatline after the legislative committee of the National People's Congress set the date to discuss budgetary measures, raising hopes for additional stimulus measures.
China indexes trimmed weekly losses, and new home bookings in the current week increased for the third week in a row. The stimulus measures from local governments and the People's Bank of China supported the rise in demand.
Japan is likely to head for another chaotic phase after the national election this Sunday, which could force leading parties to make unwieldy coalition to form the next government.
The ruling party in Japan may see its tally of seats shrink in the next general election this Sunday amid widespread public frustration with party corruption and rising cost of living.
Hopeful investors bid up stocks as China prepares to issue sovereign bonds and ramp up its debt-fueled spending to support local government initiatives.
Market indexes in Tokyo traded down as investors awaited the release of quarterly results from leading corporations. This Sunday's national election uncertainty also weighed on market sentiment.
Investors in China held out for additional fiscal measures amid a lack of optimism about quarterly results. Electric vehicle automakers advanced on a speculation that sales in the current month are likely to rise from the previous month.
Market indexes in Japan struggled to stay above the flatline. In cautious trading ahead of the national election this Sunday. The ruling LDP is likely to return to power for the fifth time in a row despite the corruption scandal and widespread voter dissatisfaction amid the cost of living crisis.
The People's Bank of China lowered its key loan prime rates for one-year and five-year by 25 basis points in a move to provide additional support to the flailing property market. The Hang Seng index extended weekly losses as investors look forward to the meeting of the National People's Congress.
HDFC Bank, Kotak Mahindra, RBL Bank, and UCO Bank reported rising net interest income and elevated net interest margin. Oberoi Realty said revenue and earnings rose in the September quarter.
