Asian Stocks Mixed With Gains In Nikkei; Trump Prospects Hit China
The Nikkei 225 index advanced 1% to 39,300 level.
Asian stocks were mixed on Wednesday, as the markets price in a potential Donald Trump victory in the too-close-to-call US presidential elections and the Federal Reserve rate decision next week.
Benchmark gauges in Japan and Hong Kong climbed, while those in South Korea and China saw decline.
The Nikkei 225 index advanced 1% to 39,300 level. The Kospi fell 0.5% to 2,601 and Shanghai Composite saw a decline of 1% to slip below 3,300.
A potential return of Trump in the White House will weigh on Asian exporters like China and South Korea as the Republican candidate has vowed to raise import tariffs in the US.
Equities in America closed in green, with the tech-heavy Nasdaq climbing 0.78% to close at a record high of 18,712.75. The S&P 500 added 0.16% to close at 5,832.92, while the Dow Jones Industrial Average fell 154.52 points, or 0.36%, to end at 42,233.05.
Moreover, key events on the Asia-Pacific economic calendar for Wednesday include Australian inflation data and a monetary policy forum hosted by the Bank of Thailand, while the Bank of Japan kicks off its two-day policy meeting, according to Reuters.
In currency markets, the yen gained strength after Japanese Prime Minister Shigeru Ishiba vowed to restore political stability in an effort to maintain power, following his ruling coalition's inability to secure a majority in the lower house, as per Bloomberg News.
The dollar index, that tracks the greenback's performance against major currencies, was flat at 104.11. The yen was higher by 0.1% at 153.07 per dollar.
