Asian stocks were seen trading higher on Wednesday before the Federal Open Market Committee (FOMC) releases its statement.
Analysts are expecting the US Federal Reserve to announce the end of its monthly asset purchases while leaving its key interest rates near zero.
Asian Stocks
The Japanese Nikkei 225 index rose 1.35% to 15,536.89 points, while Tokyo’s Topix index edged 1.36% higher to 1,268.99 points.
The yen weakened against the US dollar after the Bank of Japan (BoJ) Governor Haruhiko Kuroda said the bank would continue its quantitative and qualitative easing (QQE) to achieve its inflation target of 2%. The Bank of Japan is expected to release its monetary policy statement on Friday.
The greenback was buying the yen around 108.20 on Wednesday against 107.80 yen on Tuesday, boosting gains for exporters.
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Japan’s industrial production rose in September to 2.7%, compared to analysts estimate of a 2.2% climbs. Output contracted 1.9% in August.
Sony climbed 2.7%, while Hino Motors added 2.3% and Sumitomo Metal Mining rose 2.6%. On the downside, Honda Motor declined 0.2% after reporting a fall in its earnings results.
Hong Kong’s Hang Seng index climbed 0.90% to 23,731.66 points at the time of writing, while the Chinese mainland Shanghai Composite gained 0.28% to 2,344.50 points.
China Life Insurance rose 22% on reports that the company’s third-quarter net income climbed by 22%, while Ping An Insurance gained 2.9% and Huaneng Power International advanced 3.4%.
The South Korean Kospi index edged 0.91% to 1,943.23 points. Samsung Techwin Co. saw gains, with stocks climbing 11%, the most in five years.
Australia
In Sydney, the benchmark S&P/ASX 200 index rose 0.12% to 5,459.20 points at the time of writing, boosting some of the region’s miners. Australia’s top miners BHP Billiton and Rio Tinto each gained 1.8% and 1.4% respectively.
Retailers also saw gains, with JB Hi-Fi climbing by more than 10% and Myer Holdings surged almost 3%.
Europe Stocks
The European stock market was seen climbing on Wednesday, with the European Euro Stoxx 50 rose 0.39% higher to 3,047.49. In Germany, the DAX 30 index added 0.82% to 9,142.64, while the UK’s benchmark FTSE 100 edged 0.53% higher to trade at 6,435.03 and the French CAC 40 advanced 0.34% to 4,126.58.
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