Asian markets mixed ahead of Fed decision

Asian markets traded with mixed results on Wednesday, reflecting a cautious investor sentiment ahead of the Federal Reserve’s monetary policy announcement later on Wednesday.

Technology stocks in Hong Kong bucked the trend, rebounding despite the US government’s plans to initiate a trade investigation into China’s semiconductor industry.

Meanwhile, the onshore Chinese market saw gains of 0.5 per cent, bolstered by President Xi Jinping’s call for a strategic approach to economic development in the coming year.

Japan’s Topix index experienced a slight decline of 0.1 per cent. In contrast, Hong Kong’s Hang Seng index witnessed a notable increase of one per cent, while the Shanghai Composite index also registered a gain of 0.7 per cent.

Futures for the Euro Stoxx 50 remained largely unchanged, while Nasdaq 100 futures saw a modest increase of 0.1 per cent. Australia’s S&P/ASX 200 index also experienced little movement.

The Japanese yen remained relatively stable, trading at 153.47 per dollar. The offshore yuan also exhibited little change, holding steady at 7.2898 per dollar. The Australian dollar, however, experienced a slight decline of 0.3 per cent, trading at $0.6318.

Attribution: Bloomberg

Subediting: M. S. Salama