Shares in Asia Trade Mixed as Investors Await Fed Minutes

Shares in Asia traded mixed on Wednesday, as investors await the Federal Reserve’s December meeting minutes.

The S&P/ASX 200 in Australia was up 1.40% as of 9.31 a.m. (Thai time).

The Nikkei 225 in Japan dropped 1.44% after the au Jibun Bank Flash Japan Manufacturing Purchasing Manager’s Index slipped further into contraction zone in December, reaching 48.9.

The Kospi in South Korea increased by 1.02%. The Hang Seng index in Hong Kong jumped 1.55% for the second day in a signal of support for the economic outlook in Covid-hit China. The Shanghai Composite Index in China rose 0.28๔.

Investors are anticipating the release of the U.S. Job Openings and Labor Turnover Survey, as well as the minutes of the Fed’s December policy meeting, which will be released in the afternoon in the United States.

Wall Street stocks ended the day lower after opening higher due to worries about rising interest rates and soaring inflation.

Investors were also focused on China, where there were early indications that Covid infections had peaked in several cities. 

According to Chris Senyek, chief investment strategist at Wolfe Research, the prospect of a speedy reopening of China’s economy following the removal of Covid Zero measures may not materialize.