Asian markets were flat in early trading Wednesday, as investors awaited the U.S. Federal Reserve’s expected interest-rate cut later in the day.
The Fed is widely expected to announce a quarter-percentage-point cut to its benchmark interest rate after it ends its two-day meeting. The rate cut would be the second one this summer, and investors will be closely watching for signals of future cuts.
Meanwhile, Japan’s August exports contracted at a faster pace than expected, likely putting pressure on the Bank of Japan to further ease its monetary policy.
South Korea also followed through with plans to drop Japan from a list of countries receiving fast-track approvals in trade, a reaction to a similar move by Tokyo to downgrade Seoul’s trade status amid a tense diplomatic dispute.
On Tuesday, President Donald Trump suggested a trade deal with China could happen “maybe soon,” but added that it could also come after the 2020 election.
Japan’s Nikkei
NIK, -0.18%
was about flat, as was Hong Kong’s Hang Seng Index
HSI, -0.16%
. The Shanghai Composite
SHCOMP, +0.25%
swung between slight gains and losses, as did the Shenzhen Composite
399106, +0.26%
. South Korea’s Kospi
180721, +0.41%
rose 0.5% while benchmark indexes in Taiwan
Y9999, +0.51%
, Singapore
STI, -0.42%
, Malaysia
FBMKLCI, -0.50%
and Indonesia
JAKIDX, +0.42%
largely posted slight gains. Australia’s S&P/ASX 200
XJO, -0.20%
was down fractionally.
Among individual stocks, Fast Retailing
9983, +0.65%
gained in Tokyo trading while Honda
7203, -0.34%
and oil producer Inpex
1605, -4.22%
fell. In Hong Kong,
AAPL, +0.36%
omponent maker AAC
2018, +9.55%
surged, while CNOOC
883, -1.40%
and food processor WH Group
288, -1.51%
declined. Samsung
005930, +1.71%
rose in South Korea and SK Hynix
066570, +0.76%
advanced in South Korea and Largan Precision
3008, +5.78%
gained in Taiwan. Beach Energy
BPT, +0.75%
gained in Australia, as did clothing retailer Kathmandu
KMD, +7.60%
after it posted record fiscal-year profits.
Source : MTV
