Stocks fell in Asia on Wednesday, as investors trimmed their positions to reduce risks ahead of the US Federal Reserve's decision on interest rates, while Chinese stock markets gave up gains made on Tuesday.
Stocks fell in Hong Kong, with technology stocks dropping more than 1%, while stocks in Japan and South Korea fell. Shares of SK Hynix Inc erased earlier gains, supported by better-than-expected earnings from memory chip supplier Apple. Stocks are heading today to record losses for the sixth day in a row.
Australian stocks rose after inflation figures came in line with estimates, while the Australian dollar and yields on government bonds of various maturities fell.
In China, assets rose after Monday's Politburo meeting, with investors still waiting for Beijing to provide more tangible support to the economy, amid fears that debt constraints and demographics will affect growth.
In a move reminiscent of the ambiguity surrounding government procedures, China dismissed its foreign minister after only 7 months in office, after he had disappeared from public view since June, and appointed Pan Gongsheng as governor of the central bank.
China pledges to support the private sector and protect entrepreneurs
On Wall Street, the Standard & Poor's 500 index closed at the end of trading yesterday, Tuesday, at its highest level since April 2022, and the performance of the Nasdaq 100 index was strong, as well as the Dow Jones Industrial Average, which recorded yesterday the twelfth consecutive rise, which is the longest series of gains in more than 6 years. Years. The market was supported by the rise in the US consumer confidence index, issued by The Conference Board, to its highest level in two years. Big tech companies led stock gains, with traders relying on earnings season to see if enthusiasm over artificial intelligence will justify the market rally this year.
