Asian shares mixed, Shanghai down, as investors await Fed vi...| MENAFN.COM

Saturday, 10 December 2022 02:11 GMT

Asian shares mixed, Shanghai down, as investors await Fed views on rates

(MENAFN- FxPro) Shares in Asia were mixed as expectations leaned to the Federal Reserve holding interest rates steady at the end of its two-day policy meeting later on Thursday.
The Nikkei 225 rose 1%, while the Shanghai Composite fell 1.48%. Teh S&P/ASX 200 rose 1.66%.

Earlier, nn New Zealand, second quarter GDP data rose 0.4% quarter-on-quarter, below the 0.5% gain seen, but meeting expectations of a year-on-year increase. Looking ahead, the recent rebound in dairy prices would be supportive of growth but this could be offset by drought risks. Overall it doesn't change expectation for further easing in the official cash rate by the Reserve Bank of New Zealand.

In Japan, August trade data showed a deficit of ¥57.0 billion, compared to a deficit of ¥54.1 billion seen for a fifth straight monthly deficit, while imports fell 3.1%, more than the 2.2% drop seen and exports rose 3.1%, less that the 4.0% gain seen.

Overnight, U.S. stocks rose broadly, ahead of a closely watched announcement by the Federal Reserve on Thursday afternoon as a surge in energy prices provided a boost to the major indices.

Following gains of more than 1% one session earlier, the Dow Jones Industrial Average and NASDAQ Composite index posted solid gains on Wednesday, even as traders remained cautious ahead of the announcement. Upon the completion of its two-day September monetary policy meeting on Thursday, the U.S. central bank could raise its benchmark interest rate for the first time in nearly a decade. The Dow gained 140.10 or 0.84% to 16,739.95 for its fourth winning session in five trading days, while the NASDAQ added 28.72 or 0.59% to close at 4,889.24.

The S&P 500 Composite index, meanwhile, rose by 17.22 or 0.87% to 1,995.31, as nine of 10 sectors closed in the green. Stocks in the Energy, Basic Materials and Consumer Goods industries led, each gaining more than 1.5% on the session. Stocks in the Telecommunications sector lagged.

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