HONG KONG (AP) — Asian stocks were mixed Wednesday as markets awaited a decision on interest rates by the Federal Reserve, while China reported manufacturing contracted in January for a fourth straight month.
Japan’s Nikkei 225 JP:NIK added 0.6% to 36,286.71.
South Korea’s Kospi
KR:180721
shed 0.1% to 2,497.09 after Samsung Electronics
005930,
Hong Kong’s Hang Seng HK:HSI sank 1.2% to 15,485.07, while the Shanghai Composite CN:SHCOMP shed 1.4% to 2,788.55.
Official data showed China’s manufacturing purchasing managers index, or PMI, rose to 49.2 in January, up from 49.0 in December, but still below the critical 50 mark that indicates expansion rather than contraction. Weak demand in the world’s second largest economy is dragging on growth.
Australia’s S&P/ASX 200 AU:XJO rose 1% to 7,680.70 after a survey showed Australia’s inflation rate fell to a two-year low in the December quarter, with the consumer price index at 4.1%, leading to bets that the Reserve Bank may consider an interest rate cut in the next move.
India’s Sensex
IN:1
was 0.6% higher while Bangkok’s SET
TH:SET
fell 0.8%.
In Wall Street, U.S. stocks drifted through a quiet Tuesday and held near their record heights following a mixed set of profit reports.
The Federal Reserve began its latest policy meeting on interest rates Tuesday, but virtually no one expects it to cut rates this time. That won’t stop economists and traders from parsing every word coming out of the Fed Wednesday after its meeting finishes. They’ll be searching for clues that a rate cut may arrive at its next meeting in March.
