Asian markets edged up early Wednesday as traders awaited news from the US Federal Reserve later today.
rose 0.1%, while the Hang Seng index of Hong Kong HSI,
was pretty much flat. Shanghai Composite SHCOMP,
changed little, and the smaller Shenzhen Composite 399106,
fell 0.7%. Kospi 180721 from South Korea,
advanced 0.1%. Benchmarks in Taiwan Y9999,
and Malaysia FBMKLCI,
won, while Indonesian stocks JAKIDX,
were flat. Australian S & P / ASX 200 XJO,
increased by 1%. On Tuesday, a World Trade Organization panel concluded that the Trump administration’s tariffs on $ 200 billion in Chinese goods are illegal, although the organization has little recourse against the United States.
New data on Wednesday showed Japanese exports plunged 14.8% in August, but it was still better than the month before and exceeded analysts’ expectations. Exports to China increased 5.1% while exports to the United States fell 21.3%.
Japanese Prime Minister Shinzo Abe and his cabinet officially resigned on Wednesday, paving the way for Yoshihide Suga to be confirmed as the country’s next prime minister.
“Asian markets already have a calm look on them, as they remain in a wait-and-see mode before the latest FOMC rate decision,” Jeffrey Halley, senior Asia-Pacific market analyst at Oanda, wrote in a note.
The US Federal Reserve is expected to report Wednesday that its interest rate policy will remain unchanged and close to zero until the end of 2023. The Fed will issue a policy statement at 2 p.m. EST and President Jerome Powell will hold a press conference. half an hour later.
Stocks made modest gains on Wall Street on Tuesday. The Dow Jones Industrial Average DJIA,
rose 2.27 points to finish at 27,995.60, while the S&P 500 SPX,
gained 17.66 points, or 0.5%, to trade to 3,401.20, marking its third consecutive increase. The Nasdaq Composite COMP,
finished up 133.67 points, or 1.2%, to 11,190.32, posting consecutive gains.
In energy trading, gross US reference CLV20,
electronic trading rose 68 cents to $ 38.96 a barrel on the New York Mercantile Exchange. Brent BRNX20 raw,
, the international standard, gained 65 cents to $ 41.18 a barrel.
The US dollar USDJPY,
dipped to 105.28 Japanese yen.