China Surges Ahead of Fed Word

Stocks in Asia Pacific were mixed on Wednesday as investors awaited the U.S. Federal Reserve’s interest rate decision.

In Japan, the Nikkei 225 dropped 260.27 points, or 1.2%, to 22,397.11.

In corporate developments, shares of Japanese automaker Nissan Motor plummeted 10.4% on Wednesday after the company on Tuesday forecast a 470-billion-yen loss for the fiscal year 2020. Canon also saw its stock plunging 13.5%, with the moves coming after the company reported its first ever quarterly loss.

The Japanese yen traded at 104.96 per U.S. dollar after strengthening from levels around 105.60 against the greenback yesterday.

In Hong Kong, the Hang Seng index shot higher by 110.38 points, or 0.5%, to 24,883.14.

Investor focus was likely on the upcoming rate decision by the Fed, expected to be out sometime on Wednesday stateside.

Australian Markets gave way. On the economic data front, Australia’s Consumer Price Index fell 1.9% in the June 2020 quarter, according to data released by the country’s Bureau of Statistics, whose chief economist called the drop the largest quarterly fall in the 72-year history of the CPI.

The Australian dollar changed hands at $0.7168 following its rise from levels around $0.71 early in the trading week.

CHINA

In Shanghai, the CSI 300 gained 110.75 points, or 2.4%, to 4,679.01.


In other markets

In Singapore, the Straits Times Index doffed 9.52 points, or 0.4% to 2,573.45.

In Korea, the Kospi nosed ahead 6.17 points, or 0.3%, to 2,273.45

In Taiwan, the Taiex index docked 45.36 points, or 0.4%, to 12,540.97

In New Zealand, the NZX 50 recovered 21.17 points, or 0.2%, to 11,599.44

In Australia, the ASX 200 subtracted 14.16 points, or 0.2%, to 6,006.39.