Stocks in Asia mostly shook off turmoil in emerging markets, with Shanghai and Japan rising on Wednesday ahead of the U.S. Federal Reserve’s policy outlook.
In Japan, the Nikkei 225 ended its slump by gaining 64.41 points, or 0.4%, to 16,819.73, despite signs that a weaker Japanese yen was providing limited help to the country’s flagging economy. Exports grew in value but fell in terms of volume in November, according to data Wednesday.
In Hong Kong, the Hang Seng index fell 84.66 points, or 0.4%, to 22,585.84
Most of Asia traded higher, after falling oil prices, jitters in Russia and worries about tighter U.S. monetary policy battered emerging markets earlier in the week.
The U.S. dollar traded at ¥117.23, up from ¥116.41 late Tuesday in New York, providing a lift for Japanese exporters that rely on dollar earnings abroad.
The U.S. Federal Reserve is expected to issue a statement Wednesday that could give a clearer indication about when it will raise short-term interest rates next year, which could soak up money flows from riskier markets in Asia and further bolster the U.S. dollar.
CHINA
Shanghai’s CSI 300 index gained 57.20 points, or 1.7%, to 3,360.60, extending a four-session winning streak, led higher by bank stocks.
On Tuesday, data showed a contraction in Chinese factory activity, which appeared to stoke hope for further monetary and fiscal stimulus.
In other markets;
Singapore’s Straits Times Index added 12.14 points, or 0.4%, to 3,227.23
The Taiex index in Taiwan faded 122.55 points, or 1.4%, to 8,828.36
Korea’s Kospi index dipped 3.97 points, or 0.2%, to 1,900.16
New Zealand’s Exchange 50 inched up 0.83 points to 5,496.59
Australia’s S&P/ASX 200 moved higher 9.52 points, or 0.2%, to 5,161.86
