Asian stocks are mixed on major bank worries

14 September 2016, 17:42
Eko Rediantoro

On Wednesday, Asian shares were mostly mixed on weakness in American equities as well as continued concerns that global major banks will soon reverse their easing schemes.

Japan’s Nikkei Stock Average tumbled 0.2%. The Shanghai Composite Index lost 0.3%, while the Hang Seng Index soared 0.2%.

Overnight, the key US indexes closed lower as market participants focused on probable action by the Fed at its gathering next week.

There’s a lot of uncertainty as markets aren’t able to find a clear explanation on what’s going to occur with the approaching Fed gathering.

Elsewhere, commodity-producing countries dared to shrug off soaring crude prices, with Australia’s S&P/ASX 200 index growing 0.1%. At the same time, Singapore’s Strait Times tumbled 0.6%, Malaysia’s Bursa dipped 0.9%. Additionally, Brent, the global benchmark, last soared 0.3%, trading at $47.24 per barrel.

The market is still skeptical reacting to the announcement by the International Energy Agency on Tuesday that global crude supply would outpace demand right into next year.

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