Beijing, China (BBN)-Asian shares made early gains on Wednesday, taking the positive lead from Wall Street where US consumer data lifted investors’ confidence.
The Dow Jones and S&P 500 rose more than 1 per cent after data showed retail sales grew in August for the second month, reports BBC.
Investors remained cautious ahead of the key decision by the Federal Reserve on whether to raise US interest rates for the first time in nearly a decade.
Japan’s benchmark Nikkei 225 index was up 1.4 per cent to 18,282.42 points.
Bernard Aw, market strategist at trading firm IG said the market is positioning itself for a rate hike this week.
“[Stock] futures indicated a higher implied probability of a rate move this Thursday,” he said in a note on Wednesday.
CHINA RECOVERS LOSSES
Chinese shares traded higher after the mainland benchmark index lost 3.5 per cent on Tuesday.
The Shanghai Composite was up by 0.3 per cent to 3,012.66, while Hong Kong’s Hang Seng index gained 1.1 per cent to 21,691.53.
In Australia, the S&P/ASX 200 index was up 1.3 per cent to 5,082.50, also recovering from yesterday’s losses.
South Korean shares were up despite regional tensions growing after North Korea said on Tuesday that its main nuclear complex was operating and it was working to improve weapons that could be used against the US at any time.
The benchmark Kospi index was higher 1.5 per cent to 1,967.22.