Major Asian stocks ended the session mixed on Wednesday, following the four-day gaining streak as investors continue to worry over possible military strike in Syria and the region’s upbeat macroeconomic data.
The US draft resolution was supported by both Democratic and Republican leaders of the Senate Foreign Relations Committee approving military action in Syria. However, the action still requires approval by Congress, which is expected to return to session on September 9.
Asian Stocks – Japan Gains
During Japan’s session, stocks were seen climbing on Wednesday as the Japanese Nikkei 225 rose 0.54% higher to 14,053.87 points, while the Tokyo broader Topix index advanced 0.62% to 1,156.30 points.
Losses were seen during the session despite the reported upbeat data, including the Business Activity Index posted by Markit which showed that the Purchasing Managers’ Index (PMI) rose from 50.6 points in July to 51.2 points in August.
“Japan’s service sector continued its ten-month run of expansion in August, with a slight acceleration in the rate of growth, indicating July’s weak performance was only a minor lull.,” Claudia Tillbrooke, economist at Markit, stated in the release. “The modest recovery of growth evident in the service sector was complemented by the manufacturing industry data, as goods producers recorded the fastest rise in output since February 2011. As a result, the Composite Output Index rose from July’s reading of 50.7 to a level of 51.9 in August,” the Markit report said.
Tokyo is competing with Madrid and Istanbul to host the 2020 Summer Olympics, as investors waits for the final decision to be announced by September 7. The event is expected to boost the country’s construction sector.
The Japanese yen was seen slightly stronger throughout the session; the yen was seen 0.15% lower at ¥99.47 at the time of writing.
Asian Stocks- China Trades Mixed
Stocks were seen trading mixed during the China session, as Hong Kong’s Hang Seng declined 0.29% lower at 22,330 points and the mainland Shanghai gained 0.21% to 2,127.62 points.
Interested in trading shares in Asian Markets? Visit www.hymarkets.com today and start trading from $50!
The post Asian Stocks Mixed Amid Worries on Syria appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
