Stocks in Asia Pacific mostly edged higher on Wednesday as investors awaited the U.S. Federal Reserve’s decision on interest rates.
Markets in Japan were shuttered for holiday.
The Japanese yen traded at 106.53 per dollar after strengthening sharply from levels above 107.2 yesterday.
In Hong Kong, the Hang Seng index gained 67.63 points, or 0.3%, to 24,643.59.
Hong Kong-listed shares of Standard Chartered jumped more than 6%, as of their final hour of trading on Wednesday. The firm posted a 12% year-on-year decline in profit before taxation for the first quarter. In its earnings release, Standard Chartered said the firm is “well prepared for a protracted period of severe dislocation.”
Korean markets enjoyed slight gains. On the corporate earnings front, South Korea’s Samsung Electronics posted a first quarter net profit of 4.9 trillion Korean won ($4.01 billion U.S.). Still, that was below other estimates of 5.1 trillion won.
The industry heavyweight flagged that overall earnings are likely to decline in the second quarter as compared to the previous period, while COVID-19 is expected to significantly impact demand for several of its core products. Shares of Samsung Electronics dipped 0.2% on Wednesday.
In central bank news, the Fed is expected to announce its interest rate decision at 2:00 a.m. HK/SIN on Thursday (2:00 p.m. EDT Wednesday). Investors will look for guidance on the U.S. central bank’s future path of interest rates as the country looks toward gradually reopening its economy.
Australian stocks hiked, as shares of major banks such as Commonwealth Bank of Australia and Westpac advanced at least 4% each.
The Australian dollar changed hands at $0.6533 following a rise from levels below $0.648 yesterday.
In other markets
In Shanghai, the CSI 300 added 17.88 points, or 0.5%, to 3,867.03
In Korea, the Kospi index eked forward 13.47 points, or 0.7%, to 1,947.56.
In Taiwan, the Taiex Index popped 156.16 points, or 1.5%, to 10,772.22
In Singapore, the Straits Times Index picked up 11.78 points, or 0.5%, to 2,574.73.
In New Zealand, the NZX 50 doffed 93.37 points, or 0.9%, to 10,666.19.
In Australia, the ASX 200 recovered 80.33 points, or 1.5%, to 5,393.43.
