Australian shares gained on Wednesday as miners rallied for a third straight session and tech stocks tracked their Wall Street peers higher.
The major Asian stock indexes are trading mixed early in the session on Wednesday as investors awaited the Federal Reserve’s view on the economy at the end of its policy meeting, although upbeat Chinese and U.S. economic data is giving the indexes a tailwind.
Global equities markets rallied on Tuesday, first on data that showed China’s industrial output and retail sales picked up, and later on an increase in U.S. factory production.
At 01:34 GMT, Japan’s Nikkei 225 Index is trading 23425.55, down 29.34 or -0.13%. Hong Kong’s Hang Seng Index is at 24732.76, unchanged and South Korea’s KOSPI Index is trading 2439.21, down 4.37 or -0.18%.
In China, the Shanghai Index is trading 3294.96, down 0.72 or -0.02% and in Australia, the S&P/ASX 200 Index is at 5939.60, up 44.80 or +0.76%.
Nikkei Struggles after Japan Exports Tumble
Japan’s exports slumped 14.8% in August from a year earlier, down for the 21st straight month, Ministry of Finance data showed on Wednesday, underlining the coronavirus pandemic’s heavy hit to global demand. That compared with a 16.1% decline expected by economists in a Reuters poll and followed a 19.2% fall in July.
Imports dropped 20.8% in the year to August, compared with the median estimate of an 18.0% decline.
The trade balance came to a surplus of 248.3 billion Japanese Yen ($2.36 billion), against the median estimate of a 37.5 billion Japanese Yen deficit.
Australia Shares Rise on Miners, Tech Boost
Australian shares gained on Wednesday as miners rallied for a third straight session and tech stocks tracked their Wall Street peers higher, with investors hoping that the U.S. Federal Reserve will stick to its supportive policy stance.
The tech index added as much as 2.5% to be the top percentage gainer after its U.S. counterpart ended more than 1% higher overnight, while export-reliant miners were the biggest boost to the benchmark index.
Miners began their jump this week after upbeat Chinese data on Tuesday, with global giants BHP Group and Rio Tinto gaining 1.6% and 2%, respectively.
Apple Supplier Shares Mixed
Apple supplier stocks in the region were mixed in the Wednesday morning trade. Apple Inc retraced earlier gains after its product event, which included the roll-out of a new virtual fitness service and a bundle of its subscriptions into Apple One. The stock, which often dips after a run-up prior to the event, closed up 0.2%. This was well off its intra-day high.
In Japan, shares of Apple supplier Murata Manufacturing rose 0.26% while Sharp gained 0.3%. South Korea’s LG Display, on the other hand, slipped 0.62%.