(RTTNews) - Asian stocks advanced on Thursday, with Chinese and Hong Kong markets leading the surge on hopes that policymakers will announce more stimulus to revive growth at a press briefing by China's finance ministry on Saturday. Also, a survey showed China's average daily home sales during the Golden Week holiday leapt 23 percent by floor area from the same period last year, spurring hopes of a property market recovery.
Oil and gold prices were higher in Asian trading while the dollar steadied ahead of key U.S. inflation readings due this week that could influence the Fed's interest-rate trajectory.
Shares in mainland China rebounded after posting their biggest decline in more than four years on Wednesday to snap a ten-day rally.
The benchmark Shanghai Composite index climbed 1.32 percent to 3,301.93 while Hong Kong's Hang Seng index jumped 2.98 percent to 21,251.98.
Japanese markets edged up slightly ahead of the September U.S. CPI data due later in the day. The Nikkei average rose 0.26 percent to 39,380.89 while the broader Topix index closed 0.20 percent higher at 2,712.67.
Camera maker Nikon jumped 5.6 percent to become the Nikkei's top percentage gainer.
Technology investor SoftBank Group surged nearly 4 percent while Uniqlo brand owner Fast Retailing gained 1.3 percent after posting strong sales and profit growth.
Retailer Aeon slumped 8.7 percent after reporting a decline in its financial performance for the six-month period ending August 31, 2024.
Seoul stocks eked out modest gains, with bio, financials, refiners and internet portal stocks pacing the gainers. The Kospi average inched up 0.19 percent to 2,599.16. Celltrion, Shinhan Financial, Naver and SK Innovation surged 2-4 percent.
Chipmaker SK Hynix soared 4.9 percent, but larger industry rival Samsung Electronics fell 2.3 percent.
Australian markets closed higher as mining and energy stocks surged on China stimulus hopes. The benchmark S&P/ASX 200 rose 0.43 percent to 8,223 while the broader All Ordinaries index settled half a percent higher at 8,498.70.
Rio Tinto gained 1.4 percent following its strategic acquisition of Arcadium Lithium, while peers BHP Group and Fortescue Metals added 1.4 percent and 4 percent, respectively.
Across the Tasman, New Zealand's benchmark S&P/NZX-50 index slid 0.17 percent to 12,754.58 after scoring big gains the day before on the Official Cash Rate (OCR) cut.
U.S. stocks climbed overnight as minutes from the Fed's September meeting showed a "substantial majority" of Fed officials at the meeting favored the larger half-point rate cut, but were divided over the economic outlook, and are in no rush for another half-point cut.
The Dow and S&P 500 rose 1 percent and 0.7 percent, respectively to close at record levels while the tech-heavy Nasdaq Composite gained 0.6 percent.
