Asia Stocks
The Asian equities markets were seen swinging in between losses and gains on Wednesday as showed support in boosting the economy growth by unveiling a monetary easing.
China
Hong Kong’s Hang Seng index rallied 1.11% to trade at 24,403.36 points during the early trading hours, while the Chinese benchmark Shanghai Composite jumped 0.27% to 2,301.68.
The People’s Bank of China (PBOC) will inject 500 billion yuan each to the nation’s five largest banks for a three-month period, according to reports. Data released over the weekend showed that China’s industrial production for August weakened further.
The world’s second-largest economy expanded an annualized 7.5% in the second quarter, meeting in line with analysts’ estimates.
Chinese bank saw gains during the session, with Industrial and Commercial Bank of China jumping 1.6% higher to HK$5.17, while China Construction Bank Corp rose 1.6% to HK$5.79 and Agricultural Bank of China added 1.4% to HK$3.61.
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Galaxy Entertainment slid 2.6% lower to HK$49.30, while Sand China declined 5.1% to HK$41.95.
Japan
In Japan, the benchmark Nikkei 225 index slumped as it closed 0.14% lower to 5,888.67 points, while Tokyo’s Topix index edged 0.36% lower to 1,306.20 points.
The nation’s yen fell close to a fresh six-year low against the US dollar on Wednesday, trading around 107.24 yen. The weaker yen helped boost some of Japan’s exporters stocks. Pioneer climbed my more than 2% after the company announced a deal with the private equity firm Kohlberg Kravis Roberts & Co. Casio Computer rose 1.3% higher. On the downside, Mitsui Engineering & Shipbuilding lost 2.4%, while Mitsubishi Heavy Industries fell 1.5% and Sumitomo Heavy Industries declined 3%.
The South Korean Kospi index advanced 0.66% to 2,062.61 points, while Australia’s benchmark S&P/ASX 200 index slid 0.70% lower to close at 5,407.30 points, weighing financial stocks lower.
Australia’s four biggest banks were seen trading lower on Wednesday, with Commonwealth Bank of Australia down by 0.2%, Westpac fell 0.8%, National Australia Bank edged 0.1% and ANZ lost 0.7%.
Federal Reserve
The Federal Reserve continues its two-day policy meeting and is expected to announce its decision over the timing of when top begin raising interest rates at its press conference later in the day.
The Federal Policy statement is expected to show an outline of the central bank’s outlook for the economy in quarterly estimates for unemployment, inflation, growth and benchmark interest rate.
Europe Stocks
Stocks in the European region opened higher on Wednesday as the spotlight is on the Federal Reserve meeting, Bank of England’s minutes and the Scottish Independence vote.
The European Euro Stoxx 50 climbed 0.45% higher to 3,221.50 at the time of writing, while the German DAX gained 0.45% to trade at 9,674.30. In France, the benchmark CAC 40 futures for October delivery rose 0.43% to 4,419.80, while UK’s benchmark FTSE 100 for December delivery added 0.23% to 6,780.80.
The events in the spotlight this week are the conclusion of the Federal Reserve two-day meeting later in the day followed by the meeting’s statement and a press conference from the central bank’s Chair Janet Yellen.
Meanwhile, traders in Europe have their eyes on the Scottish referendum as Scotland prepares to vote for Independence from the UK on Thursday. The latest opinion poll taken by ICM Research showed that as of Tuesday, 52% Scots are supporting the ‘Yes‘ vote for independence, while 48% opposed.
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