Asian shares go up as markets wait for Fed and BOJ decisions
On Monday, Asian shares traded mostly higher, as fears tumbled that the Fed would lift interest rates already this week.
It feels like the Fed isn’t going to move in September. Perhaps, this view enabled Asian markets to pull back from a bunch of selloffs observed recently, when traders were feared that American and Japan were on the brink of tightening monetary policies.
Meanwhile, South Korean Kospi index tacked on 0.8%. Australian S&P/ASX was intact right after a technical problem delayed the opening of markets there. As for Japanese markets, they were unavailable for a holiday.
The Fed and the BOJ are going to meet this week. Moreover, consensus is building that the major banks should unveil policies, which are, at worst, neutral for financial markets.
Market participants are looking forward to the key banks’ action already this week in order to decide on investment strategies.
In Hong Kong, the Hang Seng Index gained 0.8%. Then, property stocks gained when Sun Hung Kai Properties, a major Hong Kong developer, told t raised prices on a new development. As for Sun Hung Kai, it edged up 2.3%.