Agence France-Presse
12:01 pm | Tuesday, July 30th, 2013
An investor stands at a private securities company in Shanghai, China, Thursday, July 18, 2013. AP FILE PHOTO
HONG KONG—Asian markets on Tuesday mostly rebounded from the previous day’s losses on bargain buying in cautious trade ahead of a closely watched policy meeting at the Federal Reserve.
With the focus on the US central bank, investors brushed off losses on Wall Street, while Japanese shares enjoyed a pick-up thanks to a weakening yen.
Tokyo rose 0.30 percent, Shanghai added 0.26 percent, Seoul was 0.55 percent higher and Hong Kong advanced 0.23 percent but Sydney lost 0.27 percent.
Investors are sitting on the sidelines before the Fed’s policy statement on Wednesday that they hope will provide an idea of its intentions for its $85 billion a month stimulus program.
Most economists expect the scheme to be kept in place for the time being as the bank waits for the economy to show signs it can stand on its own two feet.
Also in traders’ sights this week are the release of non-farm jobs, second-quarter gross domestic growth and home prices.
On Wall Street the Dow fell 0.24 percent, the S&P 500 dropped 0.37 percent and the Nasdaq eased 0.39 percent.
In currency trade the dollar rose against the yen after hitting a one-month low on Monday.
The greenback bought 98.11 yen compared with 97.89 yen in New York late Monday. The euro bought $1.3255 compared with $1.3264, while it also sat at 130.00, from 129.85 yen.
The euro has enjoyed some measure of support from signs the eurozone is finally picking up strength and could even drag itself out of recession. With this in mind the European Central Bank is expected to hold off announcing any new interest rate cuts.
In Tokyo investors seemed to shrug off data showing industrial output fell a heavier-than-expected 3.3 percent month on month in June, while household spending also slipped.
However, the silver lining was news that unemployment had fallen to 3.9 percent, its lowest level since October 2008.
On oil markets New York’s main contract, West Texas Intermediate for delivery in September, fell 16 cents to $104.39 a barrel, while Brent North Sea crude for September climbed five cents to $107.50.
Gold cost $1,327.80 per ounce at 0235 GMT, compared with $1,334.38 late Monday.
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