Asian shares advance ahead of Fed meeting, US-China talks

Trader Peter Tuchman works on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Specialist Specialist Glenn Carell, center, and trader John Panin work on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Specialist Peter Mazza, left, work with traders at his post on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Trader Michael Unkonis, center, works on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Specialist Patrick King, left, works on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Specialist Stephen Naughton, left, and trader Fred DeMarco work on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Trader Michael Milano works on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Trader Gregory Rowe, left, works on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Thomas Donato, center, works with fellow traders on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)
Specialists David Haubner, left, Vera Liu, center, and Robert Nelson work on the floor of the New York Stock Exchange, Tuesday, Jan. 29, 2019. Stocks are opening slightly higher on Wall Street as several big U.S. companies reported solid results for the latest quarter. (AP Photo/Richard Drew)

SINGAPORE — Asian markets rose Wednesday as traders awaited a Federal Reserve policy meeting and U.S.-China talks, though Japan's benchmark declined.

KEEPING SCORE: Japan's Nikkei 225 index retreated 0.5 percent to 20,555.13 while South Korea's Kospi climbed 0.6 percent to 2,197.50. Hong Kong's Hang Seng index gained 0.3 at 27,607.67. The Shanghai Composite index edged 0.1 percent to 2,596.62. Australia's S&P ASX 200 also added 0.1 percent to 5,877.70. Stocks rose in Southeast Asia and Taiwan.

WALL STREET: U.S. indexes reflected a mixed draw of corporate earnings on Tuesday. 3M, the maker of Post-it notes, industrial coatings and ceramics, posted upbeat fourth quarter results. Harley-Davidson reported a drop in sales. Apple announced better-than-expected earnings, and its shares surged 5.7 percent to $163.50 in after-hours trading. The S&P 500 index retreated 0.1 percent to 2,640.00 while the Dow Jones Industrial Average was up 0.2 percent at 24,579.96. The Nasdaq composite, which has many technology stocks, shed 0.8 percent to 7,028.29. The Russell 2000 index lost 0.1 percent to 1,471.45.

FED MEETING: All eyes are on a Federal Open Market Committee meeting ending Wednesday. Although the Fed is expected to leave its short-term interest rate unchanged, the nuances of a press conference by Chairman Jerome Powell will be closely watched.

CHINA-US TRADE: American and Chinese officials will begin two days of trade talks in Washington. U.S. President Donald Trump will reportedly meet Chinese Vice Premier Liu He in an attempt to move negotiations forward. But the Justice Department's charges against Chinese tech giant Huawei, its subsidiaries and a top company executive may be a hurdle. China has urged U.S. authorities to end what it called an "unreasonable crackdown" against Huawei, which has been accused of stealing technology and violating sanctions on Iran.

ANALYST'S TAKE: "Asia's markets are trading quietly sideways this morning, and we would expect that to be the theme of the day as the event-risk needle swings much higher from tonight in North America," Jeffrey Halley of OANDA said in a market commentary.

ENERGY: Benchmark U.S. crude rose 15 cents to $53.46 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.32 to settle at $53.31 per barrel on Tuesday. Brent crude, used to price international oils, picked up 21 cents to $61.41 per barrel. The contract added $1.39 to $61.20 per barrel in London.

CURRENCIES: The dollar eased to 109.34 yen from 109.35 yen late Tuesday. The euro strengthened to $1.1439 from $1.1432.

Must Read

China's electric vehicle industry shaken by...

Sep 13, 2016

China's electric vehicle industry, a flagship for Beijing's technology ambitions, has been rocked...

China plans 30,000-km high speed rail network by...

Dec 29, 2016

The Chinese government is planning to expand the country's high-speed rail network to 30,000...

China starts 2017 engulfed by smog, issues...

Jan 2, 2017

Beijing and other cities across northern and central China are shrouded in thick smog, prompting...

McDonald's sells China business in deal worth up...

Jan 9, 2017

Fast-food giant McDonald's is selling a controlling stake in its China business to a group of...

China exports shrink as Trump trade tensions loom

Jan 13, 2017

China's exports fell back into contraction again last month, signaling renewed weakness for the...

Sign up now!

Advertisement