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Chinese stocks rebound from the past days' losses Chinese shares break downward trend after run of losses
(about 5 hours later)
Stocks in mainland China were back in positive territory on Wednesday after drastic losses earlier in the week. Shares in mainland China on Wednesday stopped their downward trend after dramatic losses earlier in the week.
The benchmark Shanghai Composite was up by 0.8% at 3,691.56 points. The benchmark Shanghai Composite was up by 0.5% at 3,680.38 points.
After the record losses earlier in the week, authorities tried to calm markets promising stabilise stocks while the central bank hinted at further easing. After the record losses earlier in the week, authorities tried to calm markets promising to stabilise the market while the central bank hinted at further easing.
Investors also took a positive cue from the US overnight where the Dow Jones finished up higher, breaking a five-session trend. Investors were also boosted by a higher close overnight for the Dow Jones, which broke a five-day losing trend.
Hong Kong's Hang Seng was also higher, 0.5% up to 24,630.64 points. Hong Kong's Hang Seng was also higher, 0.2% up to 24,555.12 points.
In Japan, retail sales came in 0.9 % up for June compared to the previous year, beating forecasts of 0.5%. In Japan, retail sales came in 0.9 % higher for June compared with the previous year, almost double forecasts.
But the Nikkei 225 failed to pick up on the positive cues and fell by traded 0.5% to 20,236.93 points. But the Nikkei 225 failed to pick up on the positive cues and closed flat at 20,302.91 points.
Investor sentiment was pulled down by poor earnings reports with both Fanuc and Tokyo Electron cutting their full year forecasts. Shares in both companies fell by 10% in early trade.Investor sentiment was pulled down by poor earnings reports with both Fanuc and Tokyo Electron cutting their full year forecasts. Shares in both companies fell by 10% in early trade.
In Australia, the ASX/200 picked up on the strong lead from Wall Street and the encouraging signs from China. The index moved up by 1.1% to 5,645.50 points. In Australia, the ASX/200 was boosted by both Wall Street and the encouraging signs from China. The index finished up by 0.7% to 5,624.20 points.
In South Korea, the benchmark Kospi index traded 0.5% up at 2,050.09. In South Korea, the benchmark Kospi index closed flat at 2,037.86.
Investors across the region were also looking ahead at the US Federal Reserve wrapping up a two day meeting later on Wednesday. Investors across the region were also looking ahead to the US Federal Reserve which finishes its regular two-day meeting later on Wednesday.
Hopes are that there might be signals on the timing of an interest rate raise later in the year.Hopes are that there might be signals on the timing of an interest rate raise later in the year.