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Asian Shares Swing North on Encouraging Economic Data

By Investors Hub

Despite cautious moves ahead of the US Federal Reserve’s monetary policy decision due later in the day, Asian markets ended mostly higher on Wednesday, with some encouraging economic data out of Australia and Japan aiding the sentiment in the region.

The US Federal Reserve will come out with its interest rate decision later in the day. It is widely expected that the Fed will announce a 25-basis points cut in interest rate.

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The Australian market ended marginally up. The S&P/ASX 200 index edged up 0.1 percent after moving in a very narrow range. The broader All Ordinaries index too gained about 1 percent.

Oil stocks ended mostly lower. Westfield, the shopping chain owner, ended nearly 14 percent up, riding on news that the company has accepted a takeover bid from French firm Unibail Rodamco.

Data showing a jump in consumer sentiment pushed the Aussie up against the US Dollar.

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The Hong Kong stock exchange’s HSI index is up 1.6 percent and is near the day’s high of 29,276.67, and in Shanghai, the Shanghai Composite Index ended up 0.68 percent.

The STI index of the Singapore market edged down 0.1 percent,while the Malaysian index KLSI gained about 0.4 per cent,

New Zealand’s S&P/NZX 50 edged up marginally. The South Korean market ended lower by about 0.8 percent, and the Japanese market ended down as well, with the Nikkei225 index declining 0.47 percent.

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Meanwhile, the Indian stock market is trading lower, with disappointing inflation and industrial production data triggering some selling. The BSE benchmark Sensex is down 0.3 percent and the Nifty50 of the National Stock Exchange is lower by about 0.12 percent.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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