Asian Stocks Mixed As Fed Back In Focus

Asian markets mostly moved lower on Wednesday as renewed worries about the Fed’s actions drained the euphoria that followed upbeat economic data from China. Sentiment remained muted ahead of the release of the Fed’s Beige Book, which would provide glimpses into the economic landscape in the U.S.

China’s Shanghai Composite Index dropped 0.7 percent to 3,370.13. The day’s trading ranged between 3,364.64 and 3,394.96. The Shenzhen Component Index also declined 0.8 percent to close at 11,760.27.

The Japanese benchmark Nikkei 225 Index shed 52.07 points or 0.18 percent to end trading at 28,606.76. The day’s trading range was between 28,531.54 and 28,677.22.

Nippon Sheet Glass Co. topped with gains of 3.2 percent. Credit Saison Co., Tokio Marine Holdings, Keisei Electric Railway Co. and Sumitomo Metal Mining Co. all gained more than 2 percent.

Olympus Corp. was the biggest laggard with a decline of 2.6 percent. Taiyo Yuden Co. also declined 2.3 percent. TOTO, Alps Electric Co. and TDK Corp, all declined more than 1 percent.

The Hang Seng Index of the Hong Kong Stock Exchange dropped 282.75 points or 1.4 percent from the previous close to finish trading at 20,367.76. The day’s trading range was between a high of 20,633.00 and a low of 20,336.71.

The Korean Stock Exchange’s Kospi Index gained 3.99 points or 0.2 percent to close trading at 2,575.08. The day’s trading range was between 2,568.46 and 2,582.11.

Australia’s S&P/ASX200 Index closed trading at 7,365.50 after adding 5.30 points or 0.1 percent. Telix Pharmaceuticals added 5.4 percent. IGO, Gold Road Resources, AMP and De Grey Mining, all added more than 3 percent.

Lake Resources plunged 8.1 percent. The Star Entertainment Group lost 7.3 percent. Domain Holdings Australia declined 4.4 percent. Kelsian Group and Karoon Energy both declined more than 3 percent.

The NZX 50 Index of the New Zealand Stock Exchange gained 33.72 points or 0.3 percent to close at 11,917.82. Trading ranged between 11,845.01 and 11,917.82.

Mainfreight, Fisher & Paykel Healthcare, Fonterra Shareholders Fund, Argosy Property and Ryman Healthcare all gained more than 1 percent.

Software business EROAD dropped 3.5 percent. Vista Group International, Arvida Group and Genesis Energy all lost more than 2 percent.

Wall Street closed on a slightly negative note on Tuesday amidst mixed earnings updates and a firm focus on the Fed. The Nasdaq Composite shed 0.04 percent to close at 12,153.41 whereas the Dow Jones Industrial Average lost 0.03 percent to finish trading at 33,976.63.

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