Asian Stock Market: Trades cautiously amid mixed sentiment
- Asian stocks trade mixed on Wednesday after the previous session’s solid gains.
- Commodity prices rebound stabilize after a recent upswing.
- US Dollar Index stays strong above 93.00 despite the delay in Fed’s taper talk.
Most of the Asia-pacific stocks trade higher on Wednesday following a round of gains on Wall Street.
Investors remained optimistic on positive COVID-19 vaccine news and easing worries over Fed’s tapering on stimulus.
MSCI’s broadest index of Asia-pacific shares outside Japan gained 0.44%.
The Shanghai Composite Index rose 0.1%, hovering around a nearly 1-week high at 3,517. CNN reported that China could become the world’s first country to control a Delta outbreak with its strict approach, as no new locally transmitted cases were reported.
Japan’s Nikkei 225 gained 0.4%, rising for the third time in a row. Sentiment boosted after Bank of Japan board member Toyoaki Nakamura said that the Japanese economy headed toward recovery on solid global demand.
Hong Kong’s Hang Seng Index climbed 1% at the time of opening but retreated as the timing progressed, South Korea's Kospi declined 0.40%.
The ASX 200 rose 0.3% on global risk-on sentiment despite the worsening COVID-19 situation in the home country.
The US Dollar Index (DXY) trades higher above 93.00 after initial hiccups.
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
