Asian shares advance after modest gains on Wall St

Shares were mostly higher in Asia on Friday after Wall Street benchmarks managed to close mostly higher.

Stocks advanced in Tokyo, Hong Kong, Seoul and Sydney in early trading. Shanghai was flat.

In China, a major Communist Party meeting ended Thursday with a resolution setting the stage for President Xi Jinping to remain top leader for life. The decision was expected.

Meanwhile, although the Chinese economy has been slowing after bouncing back from a pandemic downturn, the record $139.1 billion spent by Chinese shoppers during this year’s annual Nov. 11 Singles’ Day shopping extravaganza suggested potential for resilient retail demand.

Shares in Chinese real estate developers have risen this week following news reports that regulators were considering easing curbs on borrowing that have fueled fears of possible defaults and depressed sales.

Regulators want to allow more flexible financing so developers can sell assets and pay down debt, according to Chinese news reports. The government has yet to announce any change in the curbs imposed as part of efforts to reduce debt that Chinese leaders worry is dangerously high.

Official data also show a rebound in mortgage lending in October, suggesting the Chinese central bank wants to ensure adequate financing for housing purchases, which is considered relatively safe, the business news magazine Caxin said, citing research by Citic Securities.

Hong Kong’s Hang Seng index gained 0.2% to 25,302.94 while the Shanghai Composite index was unchanged at 3,532.57.

In Tokyo, the Nikkei 225 jumped 1.1% to 29,589.43, while the Kospi in South Korea added 1.4% to 2,966.09. In Sydney, the S&P/ASX 200 gained 0.9% to 7,447.80.

The latest round of mostly solid corporate earnings is winding down after helping the broader market rise for...