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Asian Stocks Are Sundry After Fed MeetingAsian stocks on Thursday became mixed in its morning trade following the U.S. Federal Reserve cuts its key interest rate for the second time in two meetings. Hong Kong’s Hang Seng Index dropped 1.2%. Aside from that Asian stock, traders are strictly focusing on the development of the ongoing political unrest in the city. Nancy Pelosi, a U.S. House of Representatives Speaker, held a news conference with House members overnight. And this includes Joshua Wong, Denise Ho, and other Hong Kong activists who showed support to the Hong Kong Human rights and Democracy Act of 2019. Pelosi stated, “Democrats and Republicans in the House and the Senate enthusiastically support this legislation.” And she also said that they are one with all who fights for a peaceful and hopeful future. Next week, the U.S. congressional will vote on the legislation. And this would probably include terms like annual reviews of Hong Kong’s special economic status. Also, it will have the imposition of sanctions on those who undermine their autonomy. Other Asian Stocks Then, more on Asian stocks, China’s Shanghai Composite and the Shenzhen Component advanced 0.1% and 0.3%. In addition to that, Japan’s Nikkei gained 0.5%. The Bank of Japan kept its short-term target at -0.1%. However, it stated, “it is becoming necessary” to give more attention to the potential that the momentum towards achieving its price target will be lost. Later in the day, BOJ governor Haruhiko Kuroda will provide a briefing. It noted, “The BOJ will re-examine economic and price developments at its next policy meeting when it updates the outlook for economic activity and prices.” Another part of Asian stocks, South Korea’s Kospi traded 0.3% higher. Meanwhile, Australia’s ADX rose by 0.5%. In the data, it displayed the country’s employment growing 34.7k in August, surpassing the 10k expectation. On the other hand, the unemployment rate gained 0.1% to 5.3%, similar to expectations.
NSE:ASIANPAINT
by Financebroker