Asian shares struggle for direction as traders focus on the Fed
On Wednesday, Asian stocks were mixed, thus reflecting renewed investor worries that the US Federal Reserve would increase interest rates by the year’s end.
Australian S&P/ASX 200 tumbled 0.5%, Singaporean FTSE Straits Times Index lost 0.2%. It Taiwan, Taiex sank 0.2%, while Korean Kospi was almost flat.
In Hong Kong, the Hang Seng Index rebounded from its early losses and last traded +0.5%, buoyed by financial as well as energy stocks because crude prices added. Financial markets in mainland China remain unavailable for the week.
It happens to be a short-term recovery for the shares as the fundamentals haven’t changed yet for the crude market, as some financial experts explain.
Among Chinese energy shares, PetroChina managed to earn 3.7%, Cnooc ascended 2.8%, while Sinopec Corp. rose 2.6%. The revenues came as Brent crude futures, the international crude benchmark, rose 0.9%, trading at $51.31 per barrel during Asian trade.