Asian shares mostly gain with Fed rate views seen a key
Investing.com - Asian shares mostly gained on Wednesday with attention turned to the Fed on rate views later in the day
Japan's Nikkei 225 rose 0.63% as the dollar firmed against the yen. In corporate news, Toshiba was in the spotlight after the company's board announced it would meet with other bidders on Wednesda.
Toshiba announced in June that a consortium led by the Innovation Network Corporation of Japan was the company's preferred bidder for the sale of its chip unit. However, the company has been unable to secure an agreement with the INCJ-led group. Toshiba shares were up 0.97%. Shares of Japanese automakers also contributed to the gains after Mitsubishi Motors beat expectations.
Down Under, the S&P/ASX 200 rose 0.94%, Hong Kong's Hang Seng Index gained 0.55% and the Shanghai Composite climbed 0.53%.
U.S. stocks closed mostly higher, led by a surge in the shares of Caterpillar (NYSE:CAT) and McDonald’s after both blue-chips posted earnings that topped expectations, lifting the broader market.
US stocks started the day on the front foot, buoyed by a duo of better-than-expected earnings from Caterpillar and McDonald’s which offset weak earnings from 3M and disappointing top-line growth from automaker General Motors (NYSE:NYSE:GM).
The shares of both Caterpillar and McDonald’s closed more the 4%.
On the economic data front, stronger-than-expected consumer confidence added to positive sentiment, after the Conference Board announced Tuesday, Consumer Confidence Index rose in July to 121.1 to a 16-year high.
Despite the rally on Wall Street, investors had to contend with a nearly 3% slump in the shares of Alphabet (NASDAQ:NASDAQ:GOOGL), after the tech giant quarterly earnings on Monday, revealed a 27% dip in profit, following the 2.7 billion fine levied by European Union in June.
Meanwhile, US political jitters eased somewhat, after Senate Republicans voted to proceed to floor debate on thier efforts to repeal and replace Obamacare.
Investors shifted focus to monetary policy later during the session, however, as the Federal Reserve got its two-day policy meeting underway ahead of a rate decision due Wednesday.
The Dow Jones Industrial Average closed higher at 21,609.40. The S&P 500 closed 0.29% higher while the Nasdaq Composite closed at 6412.17, up 0.02%.
Related Articles
'Simpsons' creator heads to Netflix with adult comedy
Express Scripts says any new Anthem contract would be unfavorable
Asia stocks inch up, dollar steadies as investors await Fed clues
