Asian Shares Mostly Higher On Bessent Pick For US Treasury

SYDNEY, Nov 25 (Bernama-dpa-AFX) -- Most Asian stocks rose on Monday, the dollar dipped, and bond yields declined after US President-elect Donald Trump chose wealthy hedge fund manager Scott Bessent to be his Treasury secretary, the German news agency dpa reported.

Bessent's reputation for stability and his past advocacy for gradual economic policies have calmed market nerves.

Oil prices traded lower in Asian trading, and gold prices were down nearly 2 per cent after reports emerged about a potential ceasefire deal between Israel and Lebanon-based Hezbollah militant group.

China's Shanghai Composite Index slipped 0.11 per cent to 3,263.76 after a choppy session as investors awaited the release of NBS PMI data this week, which could impact business conditions amid recent stimulus and tariff concerns. 

Hong Kong's Hang Seng index ended down by 0.41 per cent at 19,150.99, giving up initial gains. China's central bank today left the rate on the medium-term lending facility unchanged after cutting the rate in September.

Japanese markets posted strong gains on optimism around the US economy. The Nikkei average climbed by 1.30 per cent to 38,780.14 ahead of the November inflation numbers from Tokyo, due later in the week. The broader Topix index settled 0.71 per cent higher at 2,715.60, with tech giants SoftBank Group and Tokyo Electron rising 3.4 per cent and 4 per cent, respectively. Uniqlo owner Fast Retailing surged by 3.5 per cent.

Seoul stocks ended sharply higher ahead of the Bank of Korea's interest-rate decision on Wednesday. The Kospi average rallied 1.32 per cent to 2,534.34, led by tech and battery stocks. Samsung Electronics jumped 3.4 per cent, and LG Energy Solutions added 3.6 per cent.

Australian markets eked out modest gains as falling yields boosted property, technology, and consumer stocks. The benchmark S&P/ASX 200 rose by 0.28 per cent to 8,417.60 ahead of inflation readings for October, scheduled for release on Wednesday. The broader All Ordinaries index ended up by 0.33 per cent at 8,661.20.

SG Fleet Group shares soared 18.4 per cent after the vehicle fleet management and leasing group confirmed discussions about a A$1.2 billion (US$785 million) buyout offer from private equity group Pacific Equity Partners.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index jumped 1.18 per cent to 13,196.08 ahead of the Reserve Bank of New Zealand's interest-rate decision on Wednesday, with a 50-basis-point rate cut fully priced in by markets.

US stocks rose on Friday and posted strong gains for the week, partly offsetting the previous week's sharp pullback. The Dow jumped 1 per cent to reach a new record closing high, and the S&P 500 rose by 0.4 per cent to extend gains for the fifth consecutive day, while the tech-heavy Nasdaq Composite edged up by 0.2 per cent. 

-- BERNAMA-dpa-AFX