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Asian Markets Turn Positive as Chinese Stocks Reverse Losses

Asian markets turned positive in afternoon session - Asian markets turned positive in afternoon trade on Wednesday as Chinese shares reversed losses on stimulus hopes.

China’s Shanghai Composite and the Shenzhen Component climbed 1.2% and 0.5% respectively by 1:30 AM ET (05:30 GMT), while Hong Kong’s Hang Seng Index gained 0.5%.

Reuters reported on Wednesday that China’s state planner approved fixed investment projects worth 697.7 billion yuan from January through September.

Last week, President Xi Jinping offered support to the country’s private sector, while the State Council also said on Monday that it would support bond financing by private firms, adding that the People’s Bank of China will provide funding to facilitate this, although the central bank did not provide any details of the size of the plan or a timeline at the moment.

Japan’s Nikkei 225 advanced 0.7%. The Flash Markit/Nikkei Japan Manufacturing Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.1 in October from a final 52.5 in September, official data showed.

Shares of Subaru Corp (T:7270) plunged as much as 6% earlier in the day after the automaker cut its operating income outlook.

South Korea’s KOSPI slipped 0.2%. Index heavyweights Samsung (KS:005930) shares slipped by 1.2% while SK Hynix Inc (KS:000660) fell by 2.9%. LG Display (KS:034220) slipped 0.7% after reporting a 76% fall in third-quarter profit.

Down under, Australia’s ASX 200 traded 0.1% lower.

In other news, U.S. President Donald Trump said he is “very unhappy with the Fed” for endangering the U.S. economy by raising rates.

"I'm just saying this: I'm very unhappy with the Fed because Obama had zero interest rates," Trump told the Wall Street Journal in an interview on Tuesday. "Every time we do something great, he raises the interest rates."

The Fed hiked interest rates three times this year after data showed U.S. economy was healthier than expected. Markets widely expected the central bank to raise rates again before year-end.

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