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Asian Shares Mixed, Shanghai Edges Up as Premier Li Speaks
Investors watching for U.S. Fed decision, hints of what’s ahead on key rate
By CHAO DENG
Updated March 15, 2016 11:51 p.m. ET
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Asian shares were mixed Wednesday ahead of the U.S. central bank’s interest-rate decision, with China stocks edging higher after the country’s premier made upbeat comments about the economy.
Japan’s Nikkei Stock Average was down 0.4%, Australia’s S&P/ASX 200 was off 0.1% while Hong Kong’s Hang Seng Index was flat. But South Korea’s Kospi gained 0.2%.
The Shanghai Composite, which had started the day slightly lower, was last up 0.3%. The benchmark recovered slightly, as Premier Li Keqiang said it is “impossible” for China not to realize its economic targets.
Mr. Li’s spoke at the end of the country’s annual legislative sessions, which kicked off earlier this month in Beijing.
He said China needed to reform and improve its financial markets, and stressed the need for “full coverage” financial regulatory oversight. However, he played down the prospects of an imminent launch of a cross-sector super regulator that would potentially coordinate actions from various government finance officials. On a long-anticipated trading link between the Shenzhen and Hong Kong stock markets, Mr. Li confirmed that China would launch such a channel this year, without giving a specific time.
Shares in China have gained roughly 4% since the beginning of the National People’s Congress meeting, and at times, analysts have said that state-backed funds may have been supporting it by buying blue-chip stocks.
China’s yuan traded weaker against the U.S. dollar under the guidance of the People’s Bank of China earlier in the day before Mr. Li spoke. The yuan was last at 6.5208 yuan to one greenback onshore, where it trades within a band of authorities’ daily fixing.
Elsewhere in the region, investors turned increasingly to the U.S.
Investors will be watching for the Federal Reserve’s policy statement and economic projections, as well as Chairwoman Janet Yellen’s news conference later Wednesday. While they don’t expect the Fed to change monetary policy this time, they expect rate raises later in the year.
A vast majority of fund managers expecting no more than two hikes in the next 12 months, according to a fund manager survey published Wednesday by Bank of America Merrill Lynch.
Shen Hong and Yifan Xie contributed to this article.
Edges up
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