The Asian markets attempt a minor-recovery after yesterday’s heavy losses, mainly driven by solid rebound in the Japanese stocks as yen lost footing against its American counterpart.
Rest of Asia rose as investors cheered upbeat economic releases out of Australia and China, with the Australian trimmed mean CPI better expectations, while the Chinese industrial profits rose 5.1% y/y in June versus 3.7% seen in May.
However, the recovery appears to lack momentum as markets remain unnerved heading towards the much-awaited Fed interest rates decision due later in the American afternoon.
Meanwhile, the Japanese benchmark index, the Nikkei 225 jumps +1.30% to 16,594, on the back of a stronger USD/JPY, up +0.50% on the day. The Australian markets follow suit, with the S&P/ASX 200 now trading modestly higher around 5,540 points.
The Chinese equities waver between gains and losses, with the benchmark Shanghai Composite index up 0.05%; the CSI300 index trades almost unchanged around 3,270. While Hong Kong markets rise +0.48% to 22,222 levels.
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