Sun. Jan 29th, 2023

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Asian stocks edge higher

1 min read
asian market

Most Asian shares rose on Wednesday, extending a rally driven by upbeat Chinese and U.S. economic data, but investors showed little appetite for big bets as they awaited the Federal Reserve’s view on the economy at its policy meeting.

European bourses were set for a cautious start, with pan-region Euro Stoxx 50 futures down 0.15%, German DAX futures 0.06% lower and FTSE futures down 0.64% in early trade.

Following robust industrial output and retail sales data from China and higher U.S. factory production investors are focusing on the Fed’s policy statement due Wednesday, the first since Chair Jerome Powell announced an increased tolerance for higher inflation.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.4% higher. Australian shares gained 0.97% and Taiwan’s tech-heavy board added 1.02%.

However, Chinese blue-chips pulled back 0.62% as investors booked profits and as healthcare firms dragged on concerns over vaccine safety.

Japan’s Nikkei added 0.09% as Yoshihide Suga was voted in as the country’s first new prime minister in nearly eight years, and readied a “continuity cabinet”.

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