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Asian markets follow Wall Street higher Mainland Chinese shares close nearly 5% higher
(about 1 hour later)
Asian shares made gains on Wednesday, taking the positive lead from Wall Street where US consumer data lifted investors' confidence. Mainland Chinese shares led gains across Asia on Wednesday, with the Shanghai Composite closing up 4.89% at 3,152.26.
The Dow Jones and S&P 500 rose more than 1% after data showed retail sales grew in August for the second month. The index recovered much of the ground it lost on Tuesday when the mainland benchmark index lost 3.5%.
However, investors remain cautious ahead of the decision by the US Federal Reserve on whether to raise rates for the first time in nearly a decade. Hong Kong's Hang Seng index was up 2.55% at 22,003.15 in late afternoon trade.
Japan's benchmark Nikkei 225 index ended up 0.8% at 18,171.60. Investors shrugged off news that shares of China's largest brokerage, Citic Securities, had fallen as much as 4%.
Bernard Aw, market strategist at trading firm IG, said the market was positioning itself for a rate rise this week. The share fall came after it was announced three of the firm's executives, including its president, were under police investigation.
"[Stock] futures indicated a higher implied probability of a rate move this Thursday," he said in a note on Wednesday.
China recovers losses
Chinese shares traded higher, recovering some of the ground lost on Tuesday when the mainland benchmark index lost 3.5%.
The Shanghai Composite was up by 1.9% to 3,062.15, while Hong Kong's Hang Seng index gained 2.2% to 21,938.13.
Shares of China's largest brokerage, Citic Securities, fell as much as 4% after it said three executives, including its president, were under police investigation.
The executives are being investigated for suspected insider trading and "leaking" inside information.The executives are being investigated for suspected insider trading and "leaking" inside information.
In Australia, the S&P/ASX 200 index ended 1.6% higher at 5,098.90, also recovering from Tuesday's losses. Elsewhere, investors continued to remain cautious ahead of a decision by the Federal Reserve on whether or not it will raise US interest rates rates for the first time in nearly a decade.
South Korean shares were up despite regional tensions growing. On Tuesday, North Korea said that its main nuclear complex was operating and that it was working to improve weapons that could be used against the US at any time. Bernard Aw, market strategist at trading firm IG, said the market was positioning itself for a rate rise this week.
"[Stock] futures indicated a higher implied probability of a rate move this Thursday," he said in a note.
Japan's benchmark Nikkei 225 index ended up 0.8% at 18,171.60.
In Australia, the S&P/ASX 200 index closed 1.6% higher at 5,098.90, also recovering from Tuesday's losses.
South Korean shares were up despite tensions in the region. On Tuesday, North Korea said that its main nuclear complex was operating and that it was working to improve weapons that could be used against the US at any time.
However, the benchmark Kospi index finished 2% higher at 1,975.45.However, the benchmark Kospi index finished 2% higher at 1,975.45.