· Asian stocks hold gains as markets await Powell speech
MSCI’s broadest index of Asia-Pacific shares outside Japan spent most of the day near flat, but was last up 0.34%, and about 4% higher so far this week.
· Japan's Nikkei inches lower on caution ahead of Fed chair's speech
Japan’s Nikkei stock average erased early gains to end lower on Wednesday, as investors turned cautious ahead of U.S. Federal Reserve Chair Jerome Powell’s remarks later this week, offsetting a rebound in Toyota Motor and other related stocks.
The Nikkei share average edged down 0.03% to close at 27,724.80, while the broader Topix inched up 0.08% to 1,935.66.
Over in South Korea, the Kospi dipped 0.31%.
In Australia, the S&P/ASX 200 was up 0.18%.
· China Tech Stock Rally Fades as Regulatory Concerns Linger
Chinese technology stocks struggled to extend their rally into a third day, as bargain hunters retreated amid lingering concerns about how far Beijing may push ahead with its clampdown on private enterprise.
The Hang Seng Tech Index trimmed its gain to 0.7% as of 1:44 p.m. in Hong Kong, after jumping as much as 3.5% earlier. New Oriental Education & Technology Group also pared its surge to 13% after rising as much as 22%.
In early European trades, the pan-region Euro Stoxx 50 futures and FTSE futures were both up 0.04%
India’s Sensex index hit a record high of around 56,118 earlier in the morning, according to Refinitiv Eikon data. It last added 0.26%.
· Philippines leads stocks higher; won falls ahead of likely BOK rate hike
South Korean stocks were tepid in subdued trade on Wednesday, while the won weakened ahead of an expected rate hike by the Bank of Korea (BOK), which would make it the first central bank in Asia to do so in the pandemic era.
Philippine stocks, gaining over 2%, led Asian equities higher on positive U.S. vaccination news and as fears of U.S. Federal Reserve Chair Jerome Powell announcing a
timeline for tapering stimulus at his Jackson Hole speech faded.
Analysts polled by Reuters expect the BOK to raise interest
rates on Thursday, even as the country struggles to contain the spread of the coronavirus outbreak.
· India's liquidity-driven stock market rally to dry out next year: Reuters poll
India’s liquidity-driven stock market rally is expected to cool next year as global and domestic monetary policy starts to tighten, according to a Reuters poll of analysts who expect corporate earnings to rise further.
European markets were muted on Wednesday, tracking global sentiment as investors await a key meeting of central bankers.
The pan-European Stoxx 600 inched 0.15% higher in early trade, with travel and leisure stocks adding 0.8% to lead gains while autos slid 0.2%.
Reference: CNBC, Reuters
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