Asian stocks anxiously awaited news from the Fed


The major stock markets in Asia on March 15 increased weakly before the policy meeting of the US Federal Reserve (Fed).

Mainland Chinese stocks strengthened to gain unsuccessful points on March 15 trading day. Documentary photo: AFP

Australia stocks did not have a strong shake on the trading day of March 15 with the ASX 200 index closing less than 0.1% to 6,773.00 points. Energy stocks grew better with 0.79%, while stocks in materials fell 0.61%. The separate financial index on the Australian market recorded an increase of 0.26%.

The Japanese stock market also increased slightly, with the Nikkei 225 up 0.17% to 29,766.97 points and the Topix index up 0.91% to 1,968.73 points. Shares of leading Japanese technology group Rakuten today surged 24.1% after the company announced plans to issue additional shares to raise $ 2.2 billion to compete with competitors from America.

According to TV channel CNBC, Japan Post Group is expected to own an 8.3% stake in Rakuten, while Tencent in China is estimated to have a 3.6% stake and US retail giant Walmart. hold 0.9% share.

In South Korea, the Kospi index slipped 0.28% to 3,045.71 points. On the Hong Kong market, the Hang Seng index climbed to 0.12% at the end of the trading day.

Meanwhile, the mainland Chinese stock market this afternoon all strengthened to gain in failure when the Shanghai Composite Index still fell 0.96% to 3,419.95 points, and Shenzhen Component lost 2.71% to 13,520.07. point.

A year after the Covid-19 epidemic struck, young people in China are still having difficulty finding jobs. According to data from the National Bureau of Statistics of China, the unemployment rate of people aged 16-24 in this country is much higher than the urban unemployment rate of the whole country.

Indian stocks today also suffered red when the Nifty 50 index slipped 1.77% while Sensex fell close to the 1.75% button in the afternoon session. In Southeast Asia, the Straits Times’s index Singapore only inched 0.17% at 3:32 this afternoon (local time). However, shares of Singapore Airlines increased by 5.09% after the information that the island nation is negotiating with Australia to implement the “air travel bubble” model – a mechanism that allows tourists the two countries travel without isolation.

Federal Open Market Committee (FOMC) under the Fed is scheduled to meet in two days March 16-17. Some analysts expect the Fed will revise its GDP forecasts after President Joe Biden signed a US $ 1,900 billion Covid-19 bailout package. Accordingly, most Americans will receive direct payments of up to $ 1,400.

“Some FOMC members may think that interest rates will have to rise higher than they expected in December last year,” experts at ANZ Research said. “For the Fed, the strong recovery of the economy and any changes in the dot chart will increase the media challenge of whether interest rates will stay low for the Fed,” said experts. how long”.

Every quarter, members of FOMC forecast interest rate fluctuations in the short, medium and long term. These predictions are visually depicted on the dotted chart.

Fed Chairman Jerome Powell is “more likely to align the volatility of interest rates with a comprehensive improvement in the economy with modest inflation,” ANZ analysts said.

On the currency markets, the greenback rose 0.17%, with the US dollar index against other major currencies reaching 91,836, compared with the 91,540 mark set earlier. The Japanese Yen weakened to 109.15 JPY / USD, from 108.90 JPY / USD, while the Australian dollar also depreciated and exchanged 1 AUD for 0.7737 USD.

Oil prices traded on Asian hours this afternoon went up due to optimism that the demand for oil is recovering more and more strongly. In terms of supply, the OPEC + alliance recently committed to maintain a stable basic oil output until April. US crude futures today rose 0.84% ​​to $ 66.16 / barrel, and Brent oil futures also rose 0.88% and traded at 69.83 USD / barrel.