Asian shares rise on strong data, investors remain cautious ahead of Fed
Majority of Asian shares recorded a well-ended session on Wednesday. This came after upbeat Chinese and U.S. economic data prompted a rally the previous day. However, the dollar, U.S. yields, and gold remained stagnant ahead of the Federal Reserve’s policy meeting.
MSCI’s broadest index of Asia-Pacific shares outside Japan tallied a 0.5% gain. Australian shares had seen a 0.74% earning, while Taiwan’s tech-heavy board gained 1.16%.
Chinese blue chips salvaged initial losses as it gained 0.1%. This came after investors booked profits following three consecutive days of gains. Meanwhile, Japan’s benchmark index Nikkei erased early gains and placed 0.14% lower.
The Fed meeting comes as U.S. lawmakers are caught whether or not to render a new stimulus package. While there was an impasse in the United States brought by the country’s current economic condition, the Bank of Japan and the Bank of England are set to announce their policy decisions on Thursday.