FSMNews

Asian shares were mixed on Wednesday following Wall Street’s recovery after US President Donald Trump’s supposed association with Russia, while investors await Federal Reserve (Fed) Chair Janet Yellen’s testimony later in the day.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.6 percent to 154.35 whereas Australias’s S&P/ASX 200 was down 0.9 percent to AU$5,673.80

Japan’s Nikkei 225 closed the session with 0.4 percent loss to ¥20,098 and TOPIX also fell 0.4 percent to ¥1,653.9.

Hong Kong’s Hang Seng index is set for its best weekly performance since mid-March as it gained 0.6 percent to HK$26,048 moving above the 26,000 point level and maintaining a rally that has seen it add 2.8 percent this week.

Shanghai composite declined by 0.1 percent to CN¥3,197.54 and Shenzhen composite index dropped 0.3 percent to CN¥3,658.99.

South Korea’s Kospi was down 0.1 percent to ₩2,391.77 previous session while BSE Sensex index rose 0.1 percent to ₹31,747.09.

Philippines headed the gains in Southeast Asia acquiring as much as 1 percent reaching its highest in more than three weeks driven by real estate and telecommunication stocks.

The country’s top gainers include Ayaland Land raising a big 2.8 perent to ₱41.55 and SM Prime Holdings Inc adding 1.8 percent to ₱33.65.

Europe

FSMNews

European shares opened positively on Wednesday following US markets’ recovery from prior losses which closed mostly unchanged overnight.

UK’s FTSE 100 gained 0.9 percent to £7,397 while Germany’s DAX added 0.6 percent to €12,523.

France’s CAC 40 also rose 0.9 percent to €5,187 and Italy’s FTSE MIB was up 1.1 percent to €21,350.50.

Spain’s IBEX 35 boosted 0.5 percent to €10,509 whereas Euro Stoxx 50 was up 0.7 percent to €3,491.

Even with the European shares gaining, there are some cautious hints to watch out for as investors look ahead the industrial production data from Europe, crude oil stock figures, the Fed’s Beige Book report and Yellen’s semi-annual statement to the US Congress.

UK unemployment data is also pending and economists expecting the jobless rate to remain unchanged at 4.6 percent in three months to May.

US

FSMNews

US shares declined for a brief moment on Tuesday after President Trump’s eldest son welcomed an offer of information provided by a Russian government official in order to help Trump’s 2016 election campaign against Hillary Clinton.

By the end of the day, Wall Street shares managed to get back their losses with the help of the Senate’s announcement of a two-week delay to its August recess to have more time to administer a measure that would recall main parts of Obamacare and carry out other legislative priorities.

However, it is still not sure whether US Senate Republicans have the votes to pass the proposal or even what would it finally look like.

Ahead of Yellen’s testimony, two of her colleagues said that low wage growth and subdued inflation were reasons for concern on additional interest rate hikes.

Fed Governor Lael Brainard agreed to ease the balance sheet soon but stated her support for any rate boost prospects will depend partly on how inflation progresses.

Minneapolis Federal Reserve Bank President Neel Kashkari expressed his uncertainty over the possibility of the US economy to overheat when wage growth is very low.

Following the policy meeting in June, Yellen has specified that she plans to start reducing the balance sheet and that there will be one more rate increase this year and since then there were no major changes in the economy.

FSMNews provides you the latest happenings on the market. Subscribe now to FSMNews and get up to date information on forex, commodities, stock s, technology, economy and a lot more.