FXStreet (Mumbai) – Mixed sentiment is seen across the Asian indices, with the Japanese and Australian markets cheering the recovery in oil and copper prices while China stocks trade cautiously ahead of the crucial manufacturing and services PMI reports due at the close of this week.
S&P/ASX extends gains on recovery in commodities
The Japanese stocks are extending gains from the previous session, tracking the positive cues from the Wall Street as well as the European markets. While a weaker yen also lifts retailers’ and exporters’ stocks. However, gains remain in check as investors remain wary over the renewed selling seen in oil this session. The benchmark index, the Nikkei gains 0.33% to 19,044.
Among other Asian indices, the Australian benchmark, S&P/ ASX index, remains strongly boosted on the back of higher gold prices and a minor consolidation seen in copper prices, which continues to lend support to the resource and mining stocks. The Aussie index rises 0.88% to 5,313 so far. The Australian market had closed higher by more than 1% on Tuesday, enjoying its eighth straight session of gains.
While the Chinese indices reversed previous gains and turned negative as thin markets fail to provide impetus to the region’s stock markets. The benchmark Shanghai Composite (SSEC) trades subdued around 3,560 and Hong Kong’s, the Hang Seng drops -0.32% to 21,931. While China’s A50 index loses -0.51% to 10,722.
(Market News Provided by FXstreet)