Beijing, China (BBN)-Asian markets both rallied and fell after Tuesday’s gains, as investors remain cautious ahead of the Federal Reserve’s policy statement.
Investors will look for clues in the statement as to when the US central bank will raise interest rates, reports BBC.
Japan’s Nikkei 225 was down 0.1% to 19,422.21, after data showed export growth slowed sharply in February after surging in the previous months.
Exports rose 2.4% from a year ago, compared to a 17% jump in January.
Shares of Nintendo, which skyrocketed 27.5% on Tuesday after the videogame maker said it was stepping into the smartphone games market, were also being closely watched.
INVESTORS IGNORE PROPERTY WOES
Mainland Chinese shares headed higher after hitting a seven-year high in the previous session.
The Shanghai Composite was up 1% to 3,536.22, while Hong Kong’s Hang Seng index was higher 0.9% to 24,123.14.
Investors were unfazed by data that showed that property prices fell at the fastest pace on record in February from a year ago since the survey started in 2011.
Average new home prices in China’s 70 major cities dropped 5.7% – the sixth consecutive fall – following January’s 5.1% decline.
In Australia, the benchmark S&P/ASX 200 index was down 0.6% to 5,805.9.
Shares of the world’s fourth largest miner Fortescue Metals plunged 7.9% to its lowest level in six years after the firm pulled a $2.5bn (£1.7bn) bond issue on a weak response from investors concerned over slumping iron ore prices.
South Korean shares were flat with the benchmark Kospi at 2,029.29.
Data that showed the country’s unemployment rate rose to a five-year high in February seemed to have little impact on the market.
The jobless rate was 4.6% – the highest since February 2010 – up from 3.8% in January.
BBN/SK/AD-18Mar15-10:10am (BST)
Wednesday, April 24, 2024
