Investing.com - Asian stocks were mixed on Wednesday ahead of a
rate announcement from the Federal Reserve and on earnings news
from Japan and South Korea.
Japan's Nikkei 225 was flat in early trading with shares in
Honda Motor Company Ltd (TOKYO:7267) up 3.3% after the car maker
lifted its full-year sales and profit forecasts. The company now
expects net income of Y600 billion on sales of ¥12.8 trillion for
the financial year ending March 2015, compared with an earlier
forecast of ¥595 billion profit.
Hyundai Heavy Industries (KS:009540) plunged 8.9% in Seoul after
the company posted its worst quarterly loss ever, as it was hurt by
a stronger local currency and discounts it has offered since last
year to prop sales amid a slowdown in the global shipbuilding
South Korea's KOSPI was up 0.2% and Australia's S&P/ASX 2000
Laster, the Federal Reserve will conclude a policy meeting on
Wednesday announcing fresh cuts to its monthly bond-buying program
and deliver an upbeat take on the U.S. economy.
Overnight, Washington's decision to slap fresh sanctions on
Russia for its alleged interference in Ukraine offset upbeat
earnings and data and sent U.S. stocks falling on Tuesday.
The Dow 30 fell 0.41%, the S&P 500 index fell 0.45%, while
the NASDAQ Composite index fell 0.05%.
U.S. President Barack Obama announced on Tuesday that Washington
was slapping sanctions on Russian energy, defense and financial
sectors on accusations that Moscow continues to support separatists
in the Ukraine while amassing troops along its Ukrainian
The measures block of exports of certain goods and technologies
bound for Russia's energy sector, toughen up sanctions on Russian
financial and defense companies as well as suspend credit that
encourages exports to Russia as well as finance development
Europe followed suit with similar measures, and the moves
sparked fears the standoff will weigh on global growth, which
offset positive U.S. data and earnings and sent equities indices
falling on Tuesday.
The Conference Board reported that its consumer confidence index
rose to 90.9 in July from an upwardly revised 86.4 in June. It was
the highest reading since October 2007, defying consensus forecasts
for a decline to 85.3.
Elsewhere in the U.S., investors took in stride the S&P/Case
Shiller Home Price Index.
The 20-city composite index for May grew 9.3% year-over-year,
down from April's 10.8% reading, though the 10-city index grew
9.4%, down from April's 10.9%, though markets have priced in
slackness in the U.S. housing sector.
offers an extensive set of professional tools for the financial
Read more News on Investing.com and download the new
Investing.com Stocks & Forex App