Yahoo Finance Asian Equities Bounce Back Ahead of Fed Meeting
Investing.com – Asian equities rose in afternoon trade on Wednesday ahead of the Federal Reserve’s meeting later in the day.
Although not a directional driver, reports that U.S. President Donald Trump is expected to unveil up to $60 billion in import duties on Chinese products later this week garnered some attention. The move would come after Trump imposed tariffs on imported steel and aluminum earlier this month.
Meanwhile, Facebook (NASDAQ:FB) remained in focus as reports emerged on Wednesday said the company is sued by investors over the leak of users’ data and is under Federal investigation. Facebook's share prices fell 2.6% at the close on Tuesday in the U.S., after plunging more than 7% on Monday.
Overnight, the S&P 500 was up 0.2%, the Dow added 0.5% and the Nasdaq gained 0.3%.
In China, the country's fiscal revenue jumped 15.8% in the first two months of this year from a year earlier, the finance ministry said in a statement, adding that government spending for the period surged 16.7% compared to the same period last year.
The country's Vice Minister of Commerce Wang Shouwen's comment generated moderate attention as he said China would actively take measures to safeguard the country's interest. Wang then added that Trump's decision to launch trade investigations is a "unilateral act of trade protectionism", and that the proposed trade restrictive measures would cause serious damage to multilateral trade.
The Shanghai Composite and SZSE Component gained 0.4% and 0.6% respectively at 1:53am ET (05:53 GMT).
The Hang Seng Index traded 1.0% higher. Index heavyweight Tencent Holdings Ltd (HK:0700) is due to report earnings after market close later in the day. Airasia Bhd (KL:AIRA) was in focus after its CEO Tony Fernandes said he had talks with HNA Group over the possibilities of a wide range of possible cooperation, including acquiring businesses from HNA. Ping An Insurance (HK:2318) made headlines as the country’s largest insurer reported that its full year net income beat estimates and jumped 43% from last year.
Down under, Australia’s S&P/ASX 200 gained 0.2%. Oil companies' stocks traded higher in Australia following news that OPEC-led alliance of major oil producers accelerated the timeline for output curbs. Westpac Banking was in focus as an inquiry into Australia's financial sector indicated the company mis-sold auto-finance.
Elsewhere, Noble Group Ltd (SI:NOBG)’s top investor Goldilocks Investment is planning to sue the company, alleging it inflated profit to raise money and the management paid themselves inflated salaries. The commodity trader responded by saying it would vigorously resist all lawsuit allegations. Rating Agency S&P said it does not expect Noble to meet any outstanding obligation. The company’s share plunged 10.6% following the development.
Japan’s Nikkei is closed for a local holiday.
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