Investing.com - Shares in Asia were mixed on Wednesday in cautious trade ahead of the Jackson Hole, Wyoming conclave of central bankers this week that could provide fresh insight into policy options.
In Japan, the Nikkei 225 rose 0.32%, while Hong Kong markets were closed because of Hurricane Hato lashing the city. In Australia, the S&P/ASX 200 eased 0.24%.
The Shanghai Composte fell 0.21%. China Unicom was back in the spotlight after the telecommunications operator's Hong Kong unit entered into a share subscription agreement with Unicom BVI, according to a release on the Hong Kong Exchange. Unicom BVI, controlling shareholder of China Unicom Hong Kong, will subscribe for a maximum of 6.65 billion subscription shares at a price of HKD 13.24 per share.
Overnight, U.S. stocks closed higher on Tuesday, amid renewed optimism that the Trump administration was making progress on a tax reform.
The Trump administration and key lawmakers had found common ground on how to approach tax reform, according to a Politico report on Tuesday. That sparked a broad based rally in US stocks, as tax reform is seen as a major catalysts for markets.
A surge in technology stocks led charge higher as investors appeared to take advantage of the recent slump in tech stocks which has seen tech-bellwether Amazon.com Inc (NASDAQ:NASDAQ:AMZN) drop nearly 10%.
Meanwhile, Financials halted their recent slump as investors looked ahead to key events later this week including speeches by central bankers Mario Draghi and Janet Yellen at a two-day central banking symposium on Thursday.
Investors are likely to parse speeches by both Draghi and Yellen for any clues concerning future monetary policy. Draghi, however, is expected to remain tightlipped on future monetary policy action to avert a bullish reaction in the euro amid the European Central Bank's concerns over the sharp rise in the single currency.
The Dow Jones Industrial Average closed lower at 21,889. The S&P 500 closed 0.99% higher while the Nasdaq Composite closed at 6297, up 1.36%.