Asia markets mixed on Thursday, tracking Wall Street lower as sentiment soured as the Trump administration reportedly is considering broad restrictions on exports to China of goods made with or powered by U.S. software, following Beijing’s recent curbs on rare earth exports. Further caution prevailed ahead of key U.S. inflation data and next week’s Fed policy meeting. Gold prices fell to around $4,080 per ounce on Thursday, extending its decline for a third straight session amid continued selling pressure after repeatedly hitting record highs in recent weeks. Singapore's annual inflation rate edged up to 0.7% in September 2025, picking up from a more than four-year low of 0.5% in the previous month and slightly above market expectations of 0.6%. Japan ( NKY:IND ) fell 1.42% dropped 1.3% to below 48,700 while the broader Topix Index fell 0.6% to 3,245 on Thursday. The Japanese yen weakened past 152 per dollar on Thursday, nearing eight-month lows, amid growing speculation that new Prime Minister Sanae Takaichi will unveil a large-scale stimulus package as early as next month. In Japan, investors weighed the policy outlook amid speculation that new Prime Minister Sanae Takaichi is preparing a major stimulus package exceeding last year’s 13.9 trillion yen. Meanwhile, the Bank of Japan is widely anticipated to keep rates unchanged next week, with markets now projecting the next hike in January. China ( SHCOMP ) fell 0.83% to below 3,890 while the Shenzhen Component dropped 1.3% to 12,830 on Thursday, marking a second straight session of losses as trade and policy uncertainties dampened sentiment, and the offshore yuan Hong Kong ( HSI ) fell 0.25% to 25,601 on Thursday morning, down for the second day after Wall Street weakened overnight. Investors also turned cautious ahead of Hong Kong’s September inflation data due later today. India ( SENSEX ) rose 0.86% to 85,196 in morning trade on Thursday, extending gains from the Muhurat "special" trading day on Tuesday and hitting its highest level since September 26, 2024, buoyed by renewed foreign inflows. Meanwhile, the Nifty 50 climbed above the milestone 26,000 mark for the first time since September 30, 2024. The Indian rupee traded around 87.7 per USD, holding near a one-month-high, as markets returned from a two-day break to signs of improving US–India trade ties. Indian state refiners are reviewing their Russian oil trade documents to ensure that no supplies are sourced directly from Rosneft and Lukoil, following U.S. sanctions imposed on both companies, a source with direct knowledge told Reuters on Wednesday. Australia ( AS51 ) rose 0.03% to around 9,000 in Thursday morning trade, extending losses from the previous session, dragged down by mining and tech stocks. The Australian dollar In the U.S. on Wednesday, all three major indexes ended lower following reports that the White House may restrict exports to China involving US software. President Donald Trump later said his meeting with Chinese President Xi Jinping is “scheduled,” easing some tension over US-China ties. U.S. stock futures held steady on Thursday as traders assessed the latest batch of earnings reports: Dow -0.12% ; S&P 500 +0.10% ; Nasdaq +0.16% . Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Japan misses surplus forecast with JPY 234.6B trade deficit; exports rise 4.2%, imports hit 8-month high China's Q3 GDP 4.8% Y/Y, hits slowest pace since 2024, but beats quarterly expectations PBoC holds key lending rates steady for fifth straight month China's industrial output surges 6.5%, consumer spending slows to 1-year low; jobless rate falls to 5.2% in September Australia jobless rate rises to 4.5% in Sept; employment growth misses estimates
