Asian markets trade mixed ahead of US Fed rate decision; Shanghai Composite index up 1%

The Shanghai Composite was up 1%, Hong Kong’s Hang Seng index slipped 0.11%, the Nikkei 225 index also fell over 1.2%.

Jul 29, 2020 10:07 IST India Infoline News Service

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Asian stock markets are trading mixed on Wednesday following the negative cues overnight from US markets and ahead of the US Federal Reserve's monetary policy decision due later in the day.

The Shanghai Composite was up 1%, Hong Kong’s Hang Seng index slipped 0.11%, the Nikkei 225 index also fell over 1.2% and the Topix index declined 1%. In South Korea, the Kospi was flat and the S&P/ASX 200 in Australia dipped 0.17%.

Meanwhile, US stocks ended lower overnight on Tuesday with the Dow Jones Industrial Average shed 0.8%, the tech-heavy Nasdaq Composite fell 1.3% and the S&P 500 declined 0.7%.

Going forward, the market participants are waiting for the outcome of the two-day Federal Reserve monetary policy meeting as it could dictate the trend of the markets in the short-term.

European markets recovered from the days’ low but still ended the day on a mixed note as the market participants were seen caught between the uncertainties of re-imposition of lockdown measure after a report showed a surge in Coronavirus cases.

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