World markets were mixed in Wednesday trading as traders in Japan took the day off for holiday and the rest of the world awaits to hear reports from the U.S. Federal Reserve.
In Japan, the Nikkei 225 closed up 5.26 points, or .06%, to 9,159.98. (Data from November 2, 2010. Markets closed today)
China’s stocks fell for a second day on concern the government may join other Asian nations in taking measures to slow inflation and ongoing concerns that the major commodity producers’ gains were excessive during last month’s rally. Stocks in Hong Kong continued their run based on more stimulus in the U.S. helping resource plays there and strength in financial plays on Wednesday.
The Shanghai Composite closed down points, or 14.45%, to 3,030.99.
Shares of Jiangxi Copper Co. fell another 6.732%.
Datong Coal Industry Co. dropped an even 5.00%
Industrial & Commercial Bank of China Ltd. led lenders, gaining 3.153%, on easing concerns over local government loans.
The Hang Seng rose; climbing 473.25 points to close at 24,144.67.
China Construction Bank and Hong Kong shares of Industrial & Commercial Bank of China Ltd led banks, gaining 2.69% and 4.53% respectively.
A report from the state run Xinhua news agency reported that a gold deposit with large potential reserves has been found in China's Inner Mongolia Autonomous Region. The massive deposit is located near Baotou City and reportedly has 100 tonnes of proven reserves, making it the largest of its kind in the region. Estimates for the deposit are putting a value of $5.2 billion.
Elsewhere, the smaller markets were mixed on Tuesday.
South Korea's Kospi increased by .93% to 1,935.97.
Australia's S&P/ASX 200 closed up by .451% to 4,722.600.
India's Sensex lost .59%.
Malaysia's Kuala Lumpur Composite Index moved ahead by 1.03 points to 1,507.60.
Indonesia's Jakarta Composite Index decreased by 19.82 points.
Shenzhen Composite closed red; down 1.814% to 1,370.080.
Taiwan's Taiex lost 50.86 points.
Singapore's Straits Times Index closed up by .61%.
New Zealand's NZX 50 rose by .76%.
Philippine shares were up by .924%.
Shares in Thailand closed up by .857%.
