Asian Shares Advance Ahead of Fed Meeting, US-China Talks
ANNABELLE LIANG | January 29, 2019
Asian markets rose Wednesday as traders awaited a Federal Reserve policy meeting and U.S.-China talks, though Japan's benchmark declined.KEEPING SCORE: Japan's Nikkei 225 index retreated 0.5 percent to 20,555.13 while South Korea's Kospi climbed 0.6 percent to 2,197.50. Hong Kong's Hang Seng index gained 0.3 at 27,607.67. The Shanghai Composite index edged 0.1 percent to 2,596.62. Australia's S&P ASX 200 also added 0.1 percent to 5,877.70. Stocks rose in Southeast Asia and Taiwan.WALL STREET: U.S. indexes reflected a mixed draw of corporate earnings on Tuesday. 3M, the maker of Post-it notes, industrial coatings and ceramics, posted upbeat fourth quarter results. Harley-Davidson reported a drop in sales. Apple announced better-than-expected earnings, and its shares surged 5.7 percent to $163.50 in after-hours trading. The S&P 500 index retreated 0.1 percent to 2,640.00 while the Dow Jones Industrial Average was up 0.2 percent at 24,579.96. The Nasdaq composite, which has many technology stocks, shed 0.8 percent to 7,028.29. The Russell 2000 index lost 0.1 percent to 1,471.45.FED MEETING: All eyes are on a Federal Open Market Committee meeting ending Wednesday. Although the Fed is expected to leave its short-term interest rate unchanged, the nuances of a press conference by Chairman Jerome Powell will be closely watched.