Asian stocks started the week mixed, with another day of highly volatile trading while investors continues to worry over predictions that the Federal Reserve will begin to scale back on its stimulus program by September.
The Federal Reserve is expected to hold its upcoming Open Market Committee (FOMC) meeting scheduled for September 17-18, where traders are hoping to get possible hints of it plans for the stimulus program. Policymakers of the US central bank will decide whether to scale back its bond-buying program in the meeting.
The Japanese benchmark Nikkei 225 gained 0.79% closing up 13,758.13, while the broader Topix added 0.57% at 1,149.13.While Hong Kong’s Hang Seng advanced 0.04% higher at 22,527.55 and Chinese Shanghai Composite edged 0.90% higher to 2,087.11 showing a boost in the country’s economy.
The Australian S&P/ASX 200 was seen closing 0.03% lower at 5,112.50 after highly volatile trading. The South Korean KOSPI index edged 0.13% lower to close at 1,917.64.
Ferronickel maker Pacific Metals were seen rising at 7.92%, while the watches manufacturers Citizen Holdings edged 2.49% lower. The China Resources Power lost 3.21% during the trading session.
Exports in Japan increased by 12.2% in July after a rise of 7.4% in June, while imports jumped by 19.2% leaving the third-largest economy with a trade deficit of $10.5 billion.
The continuous rebound in the country’s exports may show that the third-largest economy is boosting, almost on the same track as the major global economies such as the US and Europe.
The incident of the unintended trade that was executed by the Chinese broker firm Eyerbright Securities in the last session on Friday, sent the Chinese benchmark Shanghai index 5.6% higher, which later dropped rapidly at market close in losses. The accident lead to inflated transactions summing $3.79 billion, while the final estimated transactions totaled $1.18 million.
According to the Chinese Securities Regulatory Commission, the trade error was caused by the system defects in the firm’s trading computer. The firm may face extra disciplinary actions from regulators according to the stock watchdog.
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