Asian stocks steady as investors await Fed rate cut decision

Asian stocks remained stable on Wednesday as investors awaited the Federal Reserve meeting, where a rate cut is anticipated.

Trading volumes were low due to holidays in Hong Kong and South Korea, with Chinese markets showing minimal movement after an extended break.

Sentiment in Asian markets was influenced by a flat overnight session on Wall Street, as anticipation of the Fed’s decision deterred significant bets. However, US stock index futures were mildly positive in Asian trade.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes exhibited minimal movement upon resuming trading after two days of market holidays.

Investor sentiment towards China remained weak following a series of disappointing economic indicators released in recent days, highlighting persistent challenges for the country’s key growth drivers.

Japan’s Nikkei 225 index outperformed its Asian counterparts, rising by 0.7 per cent, while the TOPIX added 0.2 per cent.

Local stocks recovered some of their previous session’s losses due to a stronger yen, as investors awaited a Bank of Japan meeting later in the week.

Attribution: Investing.com

Subediting: M. S. Salama