Asia stocks mixed ahead of Fed; Nikkei adds 0.23%
Investing.com
Published Sep 21, 2011 02:54AM ET
During late Asian trade, Hong Kong's Hang Seng Index slumped 0.5%, Australia’s ASX/200 Index rose 0.75%, while Japan’s Nikkei 225 Index edged 0.23% higher.
The International Monetary Fund downgraded its global growth outlook for 2012 to 4% from a previous estimate of 4.3%, saying that the world economy has entered a "dangerous new phase".
Meanwhile, shares in the technology sector lifted the Nikkei higher, with shares in Renesas Electronics soaring 5.35% and Hoya Corporation climbing 4%.
The gains came after U.S. technology giant Oracle reported better-than-expected fiscal first quarter earnings after Tuesday’s closing bell on Wall Street.
Shares in exports also contributed to gains, after official trade data showed that Japanese exports rose for the first time since March last month.
Shares in mining equipment maker Komatsu gained 1.1%, digital camera maker Canon advanced 0.75%, while Toshiba shares rose 1.55%.
Elsewhere, in Hong Kong, shares in property developers led losses amid concerns over a slowdown in Chinese economic growth.
Hong Kong’s third largest property developer Hang Lung Properties dropped 2.3%, rivals Sino Land Company fell 2.25%, while shares in property investment firm New World Development slumped 0.85%.
In Australia, shares in department store retailer David Jones jumped 2.2% after it reaffirmed its fiscal first half outlook, despite reporting a 1.5% decline in its 2011 financial year profit.
The news boosted other shares across the sector, with James Hardie Industries rallying 5% and Harvey Norman jumping 3%.
Meanwhile, the outlook for European stock markets was mixed. The EURO STOXX 50 futures pointed to a modest gain of 0.1%, France’s CAC 40 futures slipped 0.05%, the FTSE 100 futures added 0.1%, while Germany's DAX futures pointed to a loss of 0.1%.
Later in the day, the Fed was to make a highly-anticipated announcement on monetary policy, while the U.S. was also to publish industry data on existing home sales.
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Written By: Investing.com
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