ASIA STOCKS trade higher; markets await Fed

Asia markets moved higher Wednesday, with Japan leading the region’s gains, ahead of the conclusion of the U.S. Federal Reserve’s policy meeting. 

Also helping sentiment was another strong showing on Wall Street overnight, where stocks hit record highs. 

The reversal of some of the yen’s recent strength was positive for Japanese stocks, with the Nikkei Average up 1.1%. 

Australia’s S&P ASX 200 added 0.3%, and South Korea’s Kospi rose less than 0.1%. 

In China, Hong Kong’s Hang Seng Index rose 0.9%, and the Shanghai Composite was up 0.8%. 

The regional earnings season continued to roll on, with reports from major companies in Japan and China. 

In Hong Kong, China Petroleum & Chemical Corp. posted a 20% rise in its third-quarter net profit from a year earlier, helping to lift the company’s stock by 1.7%. 

PetroChina Co., however, dropped 0.6% after reporting a 19% increase in net profit over the same period. 

Chinese banks were also higher in Hong Kong ahead of their quarterly earnings: Agricultural Bank of China rose 2.8%, and Industrial and Commercial Bank of China added 0.9%. 

Softbank rose 2% in Tokyo following a Nikkei report that said the telecoms company’s group operating profit for the first half of the fiscal year likely rose 70% on-year to more than ¥700 billion ($7.13 billion). 

Securities firms were in focus in Tokyo after Nomura Holdings and Daiwa Securities Group reported second-quarter earnings. Daiwa rose 3.4% after reporting its net profit slid 38% on the previous quarter, which was above consensus expectations. Analysts say it already is factored into the price. 

Nomura added 1.8% after reporting a steep decline in net profit significantly lower than in the previous quarter, although in line with market expectations. 

Also in Japan, Fanuc Corp. dropped 2% after the industrial robotics company announced a decline in sales and a lower-than-expected guidance for the full-year. 

Tokyo Electron added 1.1% after the firm announced a sharp rise in orders for the second quarter that ended in September.

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