Asian Stocks Pare Gains After China Data; Focus Shifts to FedBy
China industrial output growth in May matched April’s pace
Investors will seek clues on Federal Reserve’s future policy
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 is little changed as of 4:07 p.m. in Hong Kong. It had climbed as much as 0.3 percent earlier Wednesday. Great Wall Motor Co. led declines in the Hang Seng China Enterprises Index, which slipped 0.2 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.”
- Japan’s Topix -0.1%, Nikkei 225 -0.1%
- Japanese Shares Including Banks Slide Before FOMC Rate Decision
- Hong Kong HSI little changed, SHCOMP -0.7%
- Chinese Stocks Retreat as Financials, Developers Lead Declines
- South Korea’s Kospi -0.1%, Taiex -0.6%
- Australia’s S&P/ASX 200 +1.1%
- Commonwealth Bank of Australia +1.4%, biggest boost to gauge; Westpac Banking Corp. +1.7%
- Jakarta Composite Index +0.8%, Thailand’s SET Index +0.2%, Singapore’s STI -0.1%, Malaysia’s Kuala Lumpur Composite Index +0.3%, Philippines Stock Exchange PSEi Index +0.6%
- India’s Sensex +0.1%
- India’s Sensex, Nifty Fluctuate Ahead of U.S. Fed Rate Decision