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12450
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Seeking Alpha 2025-01-29 06:39:59

Asia markets trade higher in thin holiday trade as tech jitters ease; eyes on Fed decision

Asia markets trade higher in thin holiday trade as tech jitters ease; eyes on Fed decision

Asia-Pacific markets advanced on Wednesday, mirroring global sentiment as investors braced for the Federal Reserve’s upcoming policy decision, with the central bank widely expected to leave interest rates unchanged. Investors are also factoring in Trump’s escalating tariff threats, with the February 1 deadline for the first round of tariffs targeting Mexico, Canada, and China approaching. Markets in Taiwan, South Korea, Hong Kong and China are closed for the Lunar New Year holidays. Japan ( NKY:IND ) rose 0.90% to around 39,400 and the broader Topix Index rising 0.4% to 2,768, recovering from losses in the previous session when technology stocks faced a selloff. The Japanese yen traded around 155.6 per dollar on Wednesday, having lost some ground in the previous session. Meanwhile, minutes from the Bank of Japan's December meeting revealed that the central bank maintained a cautious stance on monetary policy, emphasizing that any adjustments would depend on inflation trends, wage growth, and global economic risks. The consumer confidence index in Japan decreased to 35.2 in January 2025, down from 36.2 in the previous month, falling short of market expectations of 36.6. China ( SHCOMP ) market closed, the offshore yuan steadied around 7.26 per dollar following two consecutive sessions of losses, as investors took a breather amid Lunar New Year celebrations. Hong Kong ( HSI ) market closed. India ( SENSEX ) rose 0.54% to 76,176, while the Nifty 50 also gained 0.4%, rising above 23,000 in morning deals on Wednesday, marked the second consecutive session of gains, supported by advances in tech, auto, and metals. Australia ( AS51 ) rose 0.57% to above 8,460 on Wednesday, reaching a seven-week-high. The Australian dollar dipped below $0.625 on Wednesday, marking a third consecutive session of losses, as softer-than-expected domestic inflation fueled expectations for an earlier interest rate cut by the Reserve Bank of Australia. In the U.S., on Tuesday, all three major indexes ended higher , driven by a rebound in the tech sector as worries about the Chinese AI model faded. U.S. stock futures edged lower on Wednesday as investors prepared for the Federal Reserve's upcoming policy decision: Dow -0.03% ; S&P 500 +0.09% ; Nasdaq +0.30% . Investors now turn their attention to upcoming earnings reports, the latest Federal Reserve decision, and an important inflation reading later this week. Currencies: ( JPY:USD ), ( CNY:USD ), ( AUD:USD ), ( INR:USD ), ( HKD:USD ), ( NZD:USD ). More on Asia: Australia reports Q4 inflation data below forecasts; core inflation fall to three-year low of 3.2% China's factory activity unexpectedly contracts in Jan, growth in services sector slows significantly China unveils measures to promote index investments Chinese AI lab DeepSeek rattles Silicon Valley Japan’s core inflation rate surges to 16-month high of 3% in December

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