Asia-Pacific stocks mixed as HSBC earnings beat expectations; oil prices rise

SINGAPORE — Shares in Asia-Pacific were mixed on Monday as investors reacted to the release of HSBC earnings.

Hong Kong’s Hang Seng index closed little changed at 26,132.03. Hong Kong-listed shares of HSBC rose 0.43% after the bank on Monday reported a pre-tax profit in the third quarter of 2021 that bested expectations

Shares of embattled developer China Evergrande Group declined 0.74% by the Hong Kong market close after surging nearly 6% earlier. The firm announced Sunday it had resumed work on more than 10 projects, according to Reuters

Mainland Chinese stocks closed higher, with the Shanghai composite gaining 0.76% to 3,609.86 while the Shenzhen component advanced 0.717% to 14,596.72

The Covid-19 situation in China may have weighed on investor sentiment regionally after an official warned that the outbreak could spread further, Reuters reported Sunday

Japan’s Nikkei 225 closed 0.71% lower at 28,600.41 while the Topix index shed 0.34% to 1,995.42. South Korea’s Kospi gained 0.48%, closing at 3,020.54

Stocks in Australia edged higher, with the S&P/ASX 200 rising 0.34% on the day to 7,441

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.12%

Oil prices were higher in the afternoon of Asia trading hours, with international benchmark Brent crude futures rising 0.74% to $86.16 per barrel. U.S. crude futures gained 0.84% to $84.46 per barrel

Shares of oil companies in Asia-Pacific jumped, with Beach Energy in Australia rising 5.07% while Japan’s Inpex gained 2.63%. Hong Kong-listed shares of PetroChina climbed 1.28%