Asian Stocks Finish Mixed as Investors Await Fed Outcome
By Investors Hub
Asian stocks ended Wednesday?s session on a mixed note as Chinese manufacturing data disappointed and investors remained focused on the U.S. Federal Reserve’s monetary policy decision due later in the day.
The Fed is widely expected to leave interest rates unchanged, but the accompanying statement may offer clues about the outlook for U.S. interest rates.
Traders also digested news that the Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports.
China?s Shanghai Composite Index tumbled 51.87 points or 1.8 percent to 2,824.53 after the release of weak data. Hong Kong’s Hang Seng Index fell 242.27 points or 0.9 percent to 28,340.74.
The manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed with a PMI score of 50.8, down from 51.0 in June.
Japanese shares closed on a positive note, thanks to a weaker yen and upbeat corporate earnings results from the likes of Sharp, Sony and Nintendo.
The Nikkei 225 Index climbed 192.98 points or 0.9 percent to 22,746.70, while the broader Topix Index gained 0.9 percent to finish at 1,769.76.
Sharp soared 7.2 percent and Sony rallied 4.8 percent after they posted solid results and the yen slid to near two-week lows against the dollar.
Nintendo climbed 6.4 percent after its fiscal first quarter profit jumped 44 percent on increased sales of Nintendo Switch games.
Electronic component maker Kyocera gained 5.9 percent and display manufacturer Nitto Denko advanced 8 percent after Apple reported strong results for its fiscal third quarter.
In economic news, the manufacturing sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Nikkei revealed with a PMI score of 52.3, down from 53.0 in June.
Australian shares finished marginally lower as banks followed their U.S. peers lower, offsetting gains in the mining sector. Mixed manufacturing data also weighed on markets.
The big four banks fell between 0.8 percent and 1.4 percent. A rise in commodity prices on hopes of new trade talks between the U.S. and China helped lift mining stocks, with heavyweights BHP Billiton and Rio Tinto rising around half a percent.
Debt collector and lender Credit Corp Group soared 6.4 percent after it reported a 17 percent increase in full-year profits on higher revenues.