Asian shares attempted a rebound on Wednesday on hopes that Beijing could stem the rout in its markets without damage to the economy, though caution was the watchword ahead of a policy decision from the U.S. Federal Reserve. Australia’s main index .AXJO rose 0.9 percent in early trade, while Japan’s Nikkei .N225 flitted in and out of positive territory. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS firmed 0.5 percent.
Sentiment was soothed a little when Chinese regulators said they were prepared to buy shares to stabilize stocks and the central bank hinted at further easing. Yet investors were understandably wary of a market that, without warning, fell over 8 percent on Monday.
The CSI300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen had ended on Tuesday just 0.2 percent lower, while the Shanghai Composite .SSEC lost 1.7 percent. Both indexes had slumped as much as 5 percent at one point. On Wall Street, the Dow .DJI ended on Tuesday with gains of 1.09 percent, while the S&P 500 .SPX rose 1.24 percent and the Nasdaq .IXIC 0.98 percent.
Recommended Content
Editors’ Picks
AUD/USD extends gains due to improved risk appetite
The Australian Dollar maintained its winning streak for the fourth consecutive session on Monday, buoyed by a hawkish sentiment surrounding the Reserve Bank of Australia. This optimism bolsters the strength of the Aussie Dollar, providing support to the AUD/USD pair.
EUR/USD holds positive ground above 1.0750 ahead of Eurozone PMI, PPI data
The EUR/USD trades in positive territory for the fourth consecutive day near 1.0765 on Monday during the early Asian trading hours. The softer US Dollar provides some support to the major pair.
Gold holds below $2,300, Fedspeak eyed
Gold price loses its recovery momentum around $2,295 on Monday during the early Asian session. Investors will keep an eye on Fedspeaks this week, along with the first reading of the US Michigan Consumer Sentiment Index for May on Friday.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.