Asian stocks mixed in waiting of FED meeting
On Tuesday Asian stocks were mixed in morning trade ahead of this week’s key Federal Reserve decision.
The Shenzhen Component inched up 0.1%, while China’s Shanghai Composite fell 0.2%.
Hong Kong’s Hang Seng Index gained 0.3%.
Japan’s Nikkei 225 declined 0.3%, and South Korea’s KOSPI climbed 0.2%.
While not a primary directional driver, data showed today that China's new home prices gain 0.7% month-on-month in May, picking up the pace slightly from a 0.6% rose the previous month
Every year, average new home prices in China's 70 major cities increased by 10.7% in May, unchanged from the growth rate in April.
Amid the lack of fresh catalysts in Asia, traders turn their focus to the two-day Federal Open Market Committee meeting set to get underway later in the day.
The Federal Reserve is expected to keep interest rates on hold this week, but some believe the central bank will cut rates later this year amid the ongoing Sino-U.S. trade war and slowing economic growth.
Down under, Australia’s ASX gained 0.5% after the Reserve Bank of Australia said in the minutes of its June policy meeting that it might have to cut rates further to speed up the economy, push down unemployment and revive growth in wages and inflation.
As said in the minutes: "Given the amount of spare capacity in the labor market and the economy more broadly, members agreed that it was more likely than not that a further easing in monetary policy would be appropriate in the period ahead."