- APAC markets mixed ahead of the US Fed’s policy decision announcement.
- Japan’s export data for May has missed estimates.
- China is set to release retail sales numbers.
The shares across the Asia Pacific (APAC) region were a mixed bag on Wednesday, as Japan’s export data missed the market estimates. Investors are also watching the US Federal Reserve’s interest rate decision – that would come overnight.
In Tokyo, the Nikkei225 was down 26 basis points (bps), while Topix was up 20 basis points. On Wednesday, the country said that its exports in May rose 49.6% from a year earlier. That rise in exports was 170 bps lower than a 51.3% increase expected by economists and the markets.
South Korean KOSPI also jumped by 43 basis points. Meanwhile, Australian stocks continued their advance with the ASX200 gaining 27 bps – and touching a fresh peak.
In Mainland China, the Shanghai Composite was down 17 bps, while the Shenzhen Component was trading flat at the time of filing of this copy.
China is also set to announce economic data, including industrial production and retail sales later in the day.
In Hong Kong, the Hang Seng index was down 29 basis points while in Taipei, the Taiwan Weighted Index was hovering near the flatline – down 9 bps.
The Morgan Stanley Capital International’s Asia-Pacific index traded 17 bps higher.
Overnight, in the US, the S&P 500 slipped 20 bps from it closing peak to 4,246.59 while the Dow Jones Industrial Average dipped 94.42 points to 34,299.33. The Nasdaq Composite, on the other hand, corrected by a sizeable 71 bps to 14,072.86. Prior to this correction, both the S&P 500 and the Nasdaq Composite were trading at their respective life highs.
The correction on Wall Street came as investors kept their eyes peeled for the decision from the US Federal Reserve’s two-day policy meeting, which started Tuesday. While the central bank is not expected to take any action, traders will watch for comments on inflation and the Fed’s eventual tapering plans.