Asian stock markets trade mixed as US Fed keeps rates unchanged

The Shanghai Composite and Nikkei 225 index are trading in a flat zone, while the Topix index added about 0.1% and South Korea’s Kospi also advanced 0.26%. Over in Australia, the S&P/ASX 200 gained 0.68%.

Jul 30, 2020 10:07 IST India Infoline News Service

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Asian markets trading mixed on Thursday after the US Federal Reserve left interest rates unchanged. The US Federal Reserve kept its benchmark interest rate unchanged at the record-low level of near-zero amid a recent resurgence in Covid-19 cases nationwide.

The Shanghai Composite and Nikkei 225 index are trading in a flat zone, while the Topix index added about 0.1% and South Korea’s Kospi also advanced 0.26%. Over in Australia, the S&P/ASX 200 gained 0.68%.

On the economic data front, Japanese retail sales for June declined 1.2% as compared to a year ago, according to a preliminary report by the country’s Ministry of Economy, Trade and Industry.

Overnight in US, the stocks finished higher after the Federal Reserve left benchmark interest rates unchanged near zero and Fed Chair Powell reiterated his promise to provide support until the threat of the coronavirus to the US economy has passed.

The Dow Jones Industrial Average gained 160.29 points, or 0.6%, to 26,539.57, the S&P 500 added 40 points, or 1.2%, to 3,258.44, and the Nasdaq Composite rose 140.85 points, or 1.4%, to 10,542.94.

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