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Asian Markets End Mixed


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(RTTNews.com) - Asian markets ended on a mixed note on Tuesday after a cautious session ahead of the U.S. midterm elections and the Federal Reserve's monetary policy meet, scheduled to be held on November 7 and 8.

The Australian market ended notably higher. The benchmark S&P/ASX 200 index climbed up 57.10 points, or nearly 1%, to 5,875.20. The broader All Ordinaries index ended up 53.90 points, or 0.91%, to 5,958.70.

The Reserve Bank of Australia left its benchmark interest rate on hold at a record low for the 26th consecutive meeting. The board of the Reserve Bank of Australia, governed by Philip Lowe, voted to maintain the cash rate at 1.5%. The interest rate has been at the current level since August 2016.

"Taking account of the available information, the Board judged that holding the stance of monetary policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time," the bank said in a statement.

Policymakers observed that the low level of interest rates is continuing to support the Australian economy. Although they expect further progress in the reduction of unemployment and inflation returning to target, this progress is likely to be gradual, the bank noted.

Incitec Pivot, Bellamys Australia, Syrah Resources and Western Areas gained between 4 and 4.5%.

Shares of Appen Limited, Skycity Entertainment Group and Cybg lost more than 2%. Infigen Energy shed about 1.9%.

The Japanese market moved up, with its benchmark Nikkei 225 rising about 1.05%.

Chiyoda Corp. and Sumitomo Dainippon Pharma both ended stronger by over 7%. Daiichi Sankyo, Toyota Tsusho Corp., Marubeni Corp. and Sojitz Corp gained 4 to 5%.

Aeon, Mitsui, Astellas Pharma, Suzuki Motor Corp., Marui Group and Takara Holdings also rose sharply.

Pioneer Corp., Dainippon Screen Manufacturing and Shimizhu Corp. lost 4 to 5%. Softbank Corp., TDK, Tokyo Electron Olympus Corp. were also among the prominent losers.

Markets in China edged lower, with software and telecom sections seeing some notable declines. The Shanghai Composite Index ended down 0.23%.

Hong Kong's Hang Seng moved up by about 0.7%. New Zealand and South Korea closed modestly higher.

Singapore declined sharply, with its benchmark sliding more than 1.75%. Markets in Indonesia, Malaysia and Taiwan also declined, albeit with less pronounced losses. The Indian market was trading flat amid cautious moves ahead of festival holidays.

In economic news, the average of household spending in Japan, at 271,273 yen, was down 1.6% on year in September, the Ministry of Internal Affairs and Communications said on Tuesday. That was well shy of expectations for an increase of 1.5% and down sharply from the 2.8% gain in August.

South Korea had a current account surplus of $10.83 billion in September, up from $8.44 billion in August, data from the Bank of Korea showed.


Read the original article on RTTNews (http://www.rttnews.com/2951880/asian-markets-end-mixed.aspx)


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This article appears in: World Markets , Banking and Loans , Economy , US Markets , Oil , Stocks



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