- Asian Stocks Pare Gains After China Data; Focus Shifts to Fed
Asian equities pared gains after the release of economic data in China helped push down the country’s stocks and shifted investor focus to the U.S. Federal Reserve.
The MSCI Asia Pacific Index was little changed at 155.01 as of 11:03 a.m. in Hong Kong. It had climbed as much as 0.3 percent earlier Wednesday. Anhui Conch Cement Co. led declines in the Hang Seng China Enterprises Index, which slipped 0.3 percent.
Chinese industrial output rose 6.5 percent from a year earlier in May, matching the gain posted in April. Retail sales met economists’ projections while fixed-asset investment trailed estimates. Investors are now looking at the Fed, which has been widely expected to raise the benchmark rate when it announces it decision later Wednesday in Washington.
“The China data today somehow failed to provide clues on the strength of the country’s economic recovery,” said John Teja, a director at PT Ciptadana Sekuritas. “So investors will shift their attention to the Fed’s statement today and try to find out their policy trajectory.”
Summary
- Japan’s Topix little changed, Nikkei 225 +0.1%
- Hong Kong HSI -0.2%, SHCOMP -0.5%
- South Korea’s Kospi -0.1%, Taiex -0.6%
- Australia’s S&P/ASX 200 +0.9%
- Commonwealth Bank of Australia +1.3%, biggest boost to gauge; Westpac Banking Corp. +1.7%
- Jakarta Composite Index +0.4%, Thailand’s SET Index +0.1%, Singapore’s STI -0.2%, Malaysia’s Kuala Lumpur Composite Index +0.3%, Philippines Stock Exchange PSEi Index -0.1%
- India’s SGX CNX Nifty Index futures little changed
