Majority of Asian shares ascend; China and Hong Kong markets defy general trend

Asian Markets Rally, U.S. Markets Mixed Amid Rate-Cut Bets and Regulatory Changes

Asian stocks rose broadly on Thursday, with Japanese markets leading the charge. The Nikkei average jumped 1.53 percent, while the S&P/ASX 200 in Australia rallied 1 percent to 8,826.50, snapping a four-day losing streak. The broader All Ordinaries index in Australia also gained, closing at 9,091.40, up by 0.90 percent.

In contrast, Chinese and Hong Kong markets ended sharply lower. China's Shanghai Composite index fell 1.25 percent, and Hong Kong's Hang Seng index dipped 1.12 percent. These declines come as Chinese financial regulators consider cooling measures for the stock market, with the China Securities Regulatory Commission (CSRC) and related financial regulatory institutions in China being the most likely entities to implement changes regarding private investor participation in the third quarter of the current year.

The underlying sentiment remained supported due to subsided bond market jitters and weak U.S. labor market data fueling rate-cut bets. Markets are pricing in a September cut and anticipating at least two reductions this year. Federal Reserve Governor Christopher Waller suggested the U.S. central bank should begin lowering interest rates this month.

However, gold dipped on profit taking after surging to a fresh record high. Meanwhile, oil extended steep overnight losses. Across the Tasman, New Zealand's benchmark S&P/NZX-50 index rose 0.45 percent to 13,133.20.

The tech-heavy Nasdaq Composite in the U.S. jumped 1 percent due to a favorable court ruling regarding Google's search engine in a major antitrust case. The dollar steadied in Asian trading.

The measures to stabilise the markets include lifting certain short selling restrictions, increasing checks on speculative trades, and discouraging heavy retail participation. The banking and consumer stocks led the rally in the S&P/ASX 200.

Overnight, U.S. job openings slipped to the lowest level in 10 months. The measures aim to address the volatility caused by excessive speculation and retail participation, particularly in the technology sector.