mcloudyn.png
Friday September 18th, 2020 8:19PM

Asia shares rise as investors look ahead to Fed meeting

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian shares rose Monday, despite the roller-coaster ride that Wall Street ended with last week, as traders awaited cues from the U.S. central bank expected later in the week.

Japan's ruling Liberal Democratic Party picked a new leader, who will by definition become the prime minister because of the party's control over the more powerful lower house of Parliament. Yoshihide Suga, now the government spokesman, has said he will continue Shinzo Abe's “Abenomics” policies of easy lending and deregulation.

“That decision should not be market moving as we fully expect a steady hand to remain on the tiller of Abenomics. Mr. Suga has signalled that no further rises in sales tax are on the horizon, but all else should stay the same,” said Jeffrey Halley, senior market analyst at Oanda.

“Of more interest will be if Mr. Suga signals that a new election will be held to mandate his new government," Halley said.

Japan's Nikkei 225 gained 0.6% in afternoon trading to 23,557.15. Australia's S&P/ASX 200 added 0.7% to 5,899.50. South Korea's Kospi jumped 1.2% to 2,424.71. Hong Kong's Hang Seng gained 0.6% to 24,637.43, while the Shanghai Composite inched up less than 0.1% to 3,263.45.

SoftBank, which announced Sunday that it was selling Britain’s Arm Holdings to computer graphics chip company Nvidia for $40 billion, jumped 9%. SoftBank spent $32 billion to acquire Arm in 2016. Nvidia is best known for its graphics processing chips, while Arm is renowned as an innovator in the “Internet of Things.”

Also on players' radar screen is the Federal Reserve Open Market Committee, which is meeting later in the week.

The Federal Reserve’s massive aid for the economy has helped underpin the markets’ recovery from the coronavirus downturn by slashing short-term interest rates to record lows and buying up bonds to support markets.

The Bank of Japan also is due to hold a policy meeting this week. No major changes are expected in its ultra-lax monetary policies.

Stephen Innes, chief global market strategist at AxiCorp, noted that investors face “many uncertainties," including the U.S. elections and the global pandemic.

“Unquestionably the virus story is the dominant macro pivot event, especially for equities, and is more likely to be dominated by optimism surrounding a vaccine. Indeed investors will be keeping their eye on the vaccine prize,” he said.

On Wall Street, the S&P 500 rose 1.78, or 0.1%, to 3,340.97 after a day of the lightning-quick shifts in momentum that have rocked Wall Street recently.

The Nasdaq composite, which includes many of the superstar tech stocks that have been the focus of the market’s recent selling, lost 0.6% to 10,853.55 after also flip-flopping between gains and losses. The Dow Jones Industrial Average rose 0.5%, to 27,665.64.

Analysts expect swings to continue to rattle markets for weeks, if not months, as investors wait for more clarity on several key issues. At the head of the list of uncertainties is what to do with Big Tech stocks, which critics have long said were due for a slide after soaring too high through the summer.

In energy trading, benchmark U.S. crude rose 23 cents to $37.56 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 13 cents to $39.96 a barrel.

The U.S. dollar inched down to 106.06 Japanese yen from 106.16 yen on Friday. The euro cost $1.1850, up slightly from $1.1845.

___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Sally set to become hurricane and threaten U.S. Gulf Coast
Tropical Storm Sally churned northward on Sunday, poised to turn into a hurricane and send life-threatening storm surge along the northern Gulf of Mexico
11:33PM ( 35 minutes ago )
Rams open SoFi Stadium in style with 20-17 win over Cowboys
The Los Angeles Rams opened SoFi Stadium with a 20-17 victory over the Dallas Cowboys
11:29PM ( 39 minutes ago )
Sunday in the parks: The playoffs, NFL, a no-hitter and more
The NFL roared back to life, even if the roar was from fans who weren’t in the stadiums
11:15PM ( 54 minutes ago )
Associated Press (AP)
On Western swing, Trump aims to court pivotal Latino voters
President Donald Trump is pitching his reelection to Latino voters during a second day of campaigning in Nevada
9:13PM ( 2 hours ago )
North American box office muted; ‘Mulan’ fizzles in China
Audiences in North America are not rushing back to the theater just yet and “Mulan” is also faltering in its China release as the global box office comes back online in the COVID-19 era
7:30PM ( 4 hours ago )
The Latest: Texas reports 1,840 new virus cases, 47 deaths
Texas health officials on Sunday reported 1,840 new cases of the coronavirus and 47 additional deaths
6:56PM ( 5 hours ago )
AP Business
The Latest: COVID cases rising again in Britain
The U.K. has recorded more than 3,000 new cases of COVID-19 for the third day running for the first time since May
12:31PM ( 11 hours ago )
The Latest: Syrian students head back to classrooms
More than 3 million Syrian students have started school in government-held areas, marking the first school day amid strict measures to prevent the spread of the coronavirus
11:22AM ( 12 hours ago )
Former UK leaders unite to slam Boris Johnson on Brexit plan
The two former British prime ministers who played crucial roles in bringing peace to Northern Ireland have urged lawmakers to reject government plans to override the Brexit deal with the European Union
9:31AM ( 14 hours ago )
AP Business - Economy
Tech falters again as Wall Street ends worst week in months
Wall Street closed out its worst week since June with another day of churning trading Friday
4:37PM ( 2 days ago )
Stocks end another day of sharp swings with meager gains
Stocks ended with meager gains on Wall Street Friday following another rocky day of sharp swings
4:07PM ( 2 days ago )
Consumer prices up 0.4% in August as used car prices surge
U.S. consumer prices rose 0.4% in August as used car prices surged by the largest amount in 51 years
3:08PM ( 2 days ago )
AP Business - Financial Markets
Greece, Turkey signal willingness to talk about sea dispute
After weeks of tension in the eastern Mediterranean, Greece and Turkey have signaled willingness to start talks about a long-standing sea dispute
12:53PM ( 11 hours ago )
The Latest: Domestic air travel recovers in Wuhan, China
Domestic air travel in Wuhan, the epicenter of the global coronavirus outbreak, has returned to pre-pandemic levels, authorities say
8:44PM ( 1 day ago )
The Latest: Kentucky 'front line hero' dies of virus
A prominent Kentucky infectious disease specialist who was hailed by the governor as a “front line hero” has died after a nearly four-month battle against COVID-19
6:53PM ( 1 day ago )
AP Business - Industries
Las Vegas shooting victims closer to getting $800M payout
More than 4,400 relatives and victims of the deadliest mass shooting in recent U.S. history could receive a total of $800 million in payouts from MGM Resorts International and its insurers by January
9:14PM ( 3 days ago )
Las Vegas shooting victims closer to getting $800M payouts
More than 4,400 relatives and victims of the deadliest mass shooting in recent U.S. history could receive about $800 million in payouts from MGM Resorts International and its insurers by January
8:48PM ( 3 days ago )
European Central Bank expects to use full extent of stimulus
The European Central Bank has left its key stimulus policies unchanged with plenty still in the pipeline to bolster the eurozone economy’s rebound from the severe coronavirus shutdowns
2:32PM ( 3 days ago )
AP Business - Financial Services
Sally set to become hurricane and threaten U.S. Gulf Coast
Tropical Storm Sally churned northward on Sunday, poised to turn into a hurricane and send life-threatening storm surge along the northern Gulf of Mexico
11:33PM ( 35 minutes ago )
Rams open SoFi Stadium in style with 20-17 win over Cowboys
The Los Angeles Rams opened SoFi Stadium with a 20-17 victory over the Dallas Cowboys
11:29PM ( 40 minutes ago )
Sunday in the parks: The playoffs, NFL, a no-hitter and more
The NFL roared back to life, even if the roar was from fans who weren’t in the stadiums
11:15PM ( 54 minutes ago )
Betts homers, Dodgers beat Astros 8-1; LA fans still sore
Mookie Betts’ two-run homer highlighted a four-run fifth inning and the Dodgers defeated Houston 8-1 with angry Los Angeles fans letting the Astros have it again
11:12PM ( 56 minutes ago )
Thiem 1st since 1949 to win US Open after ceding 1st 2 sets
Dominic Thiem has become the first man in 71 years to win the U.S. Open after dropping the first two sets of the final
11:07PM ( 1 hour ago )