Asian markets trade flat ahead of Fed meeting; Japan exports decline in August

In Japan, the Nikkei 225 was 0.09% higher in afternoon trade while the Topix index advanced 0.26%.

Sep 16, 2020 12:09 IST India Infoline News Service

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Asian stock markets were mixed on Wednesday’s trade ahead of Federal Open Market Committee’s quarterly update.

On the economy front, Japan’s exports fell by 15% in August as the pandemic pummelled a wide array of industries and sapped consumer demand. The 15% drop in exports from a year earlier was outpaced by a more than 20% decline in imports, according to preliminary data from the Finance Ministry released Wednesday.

As per media reports, Yoshihide Suga has been elected as Japan's new PM after Shinzo Abe's resignation. Suga will become the country's first new leader in eight years.

In Japan, the Nikkei 225 was 0.09% higher in afternoon trade while the Topix index advanced 0.26%.

Mainland Chinese stocks, on the other hand, saw losses by the afternoon with the Shanghai Composite declined 0.24%. Hong Kong’s Hang Seng index slipped 0.02%, South Korea’s Kospi also down over 0.3%.

Overnight on Wall Street, the S&P 500 gained 0.5% to close at 3,401.20 while the Nasdaq Composite advanced 1.2% to end its trading day at 11,190.32. The Dow Jones Industrial Average closed just above the flat-line at 27,995.60.

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