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US Fed comments continue to buoy markets in Asia Asia's markets give up earlier gains made on Fed comments
(about 7 hours later)
Markets in Asia were in positive territory early on Thursday as investors continued to find solace in Fed comments about US interest rates. Markets in Asia surrendered early gains to post a largely negative finish to March.
Earlier this week, US Federal Reserve chair Janet Yellen said the Fed should "proceed cautiously" before raising interest rates. Comments from Federal Reserve chair Janet Yellen about proceeding cautiously on interest rates had given markets a boost for a second day.
Wall Street was also spurred by the comments and saw its second day of gains on Wednesday. The benchmark Nikkei 225 spent much of the day in positive territory. However it later closed down 0.71% at 16,758.
The benchmark Nikkei 225 was up 0.41% to 16,943.48in early Thursday trade. Shares in Sharp lost 4.5% after Taiwan's Foxconn announced an agreement to buy the Japanese firm.
Tokyo-listed shares in Sharp were down 3.7% however after Taiwanese manufacturer Foxconn said it had finally agreed a deal to take over struggling Japanese electronics company.
Foxconn said the deal was worth 389bn yen ($3.5bn; £2.4bn) and would give it a 66% stake in Sharp.Foxconn said the deal was worth 389bn yen ($3.5bn; £2.4bn) and would give it a 66% stake in Sharp.
In Australia, the benchmark S&P/ASX 200 index was up 1.56% to 5,088.7 points as the prospect of slower rate rises in the US buoyed investor sentiment. Takata Corp denied a report that the cost of a global recall of faulty airbags could be as much as 2.7 trillion yen ($24bn; £16.7bn).
Meanwhile, South Korea's benchmark Kospi index started in positive territory, but was later down 0.19% to 1,997.97. Its shares lost as much as 20% on Wednesday after the report by Bloomberg news was published. But shares rebounded 6% on Thursday.
Fresh official numbers released earlier showed industrial production in Asia's fourth largest economy had increased by 3.3% from a month earlier, marking the biggest monthly increase since late 2014. Meanwhile, South Korea's benchmark Kospi index started in positive territory, but finished the session down 0.3% to 1,995.85.
China markets Official data released earlier showed industrial production in Asia's fourth largest economy had increased by 3.3% from a month earlier, marking the biggest monthly increase since late 2014.
In China, markets opened in positive territory despite some of the country's largest banks reporting lacklustre earnings growth late on Wednesday. Elsewhere in Asia
In China, markets also opened in positive territory but lost gains later, in line with the much of the region.
Some of the country's largest banks reported lacklustre earnings growth late on Wednesday.
Profits for the Industrial & Commercial Bank of China (ICBC) and China Construction Bank both grew at less than half a percent. Industry-wide, nonperforming loans rose to 1.67% of total loans last year, up from the previous year.Profits for the Industrial & Commercial Bank of China (ICBC) and China Construction Bank both grew at less than half a percent. Industry-wide, nonperforming loans rose to 1.67% of total loans last year, up from the previous year.
Agricultural Bank of China, the country's third-largest lender, is expected to report its results later. One bright spot in Hong Kong was a hike in shares of Dalian Wanda's Hong Kong property arm, Wanda Commercial. Reports of billionaire Wang Jianlin's privatisation plans for the firm saw its shares rise by as much as 20%.
Hong Kong's Hang Seng index was up 0.11% to 20,831.47 in early trade, while the Shanghai Composite was up 0.28% to 3,008.98. In afternoon trade, Hong Kong's Hang Seng index was down 0.45% to 20,705.52 points , while the Shanghai Composite was little changed.
Australia was the only major index in the region to see March out on a positive note.
Sydney's benchmark S&P/ASX 200 index finished the session up 1.45% at 5,082.8 points, lifted by banking and mining shares.
Westpac Bank was one of the best performers, gaining 1.5%.