Asian shares mixed in quiet trading ahead of US Federal Reserve decision

Asian shares were mixed in quiet trading Wednesday ahead of a US Federal Reserve meeting that may give clues on what lies ahead with its massive support for markets.

Japan released data that showed its trade surplus jumped 49.6 per cent in May from the previous year, but analysts said that was less than expected and highlights how the world’s third largest economy and its exports may be only slowly recovering from the pandemic.

Investors are also watching data out of China on industrial production and retail sales for indications about the health of the regional economy.

Japan’s Nikkei 225 slipped nearly 0.3 per cent in early trading to 29,359.31. South Korea’s Kospi rose 0.4 per cent to 3,272.11. Australia’s S&P/ASX 200 gained 0.3 per cent to 7,403.40. Hong Kong’s Hang Seng inched down 0.1 per cent to 28,603.84, while the Shanghai Composite was little changed, inching up less than 0.1 per cent to 3,557.48.

Asian markets are quiet ahead of the Fed, said Robert Carnell, regional head of research Asia-Pacific at ING. China’s data dump may stir things up a bit today, but the main focus will be on the Fed’s message and any hints they may give.

On Wall Street, the S&P 500 dipped 0.2 per cent to 4,246.59 as the Federal Reserve began a two-day meeting on interest-rates and other policies. A day earlier, the index hit an all-time high amid optimism about the economy.

The Dow Jones Industrial Average lost 0.3 per cent to 34,299.33. The Nasdaq composite fell 0.7 per cent to 14,072.86.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Related Posts