Asian Stock Market Today: How ASX, Nikkei 225, Shanghai Composite, Hang Seng and Nifty 50 fared

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Asian markets are sending mixed signals on Wednesday, August 3 as the Bank of England’s rate hike is the much-anticipated news for the day. Australia All Ordinaries (ASX ) closed almost flat at 7,202.90, down by 13.50 points or 0.19%, while Shanghai Composite lost 0.71%. Nikkei 225 gained 0.53%, Hang Seng rose 0.40% while Nifty 50 went up by 0.26 per cent to close at 17388.15, a 0.25 per cent higher than the previous day’s close.

Meanwhile, US House Speaker Nancy Pelosi’s visit to Taiwan leading up to the US-China tension may not be a concern as of now. US Futures on Wednesday morning before US markets open are trading higher are in green. Dow Jones Industrial Average (DJI) or Dow 30 on August 2 closed at 32,396.17, almost 402.23 points down while other leading indices like S&P 500 and Nasdaq Composite also closed in the red.

The Bank of England is to announce the rate hike decision on Thursday and the US Fed rate hike news will arrive on August 10.

Hang Seng stocks recovered from a meltdown as the US-China tensions remain elevated over Taiwan amid any probable military escalation. The Hang Seng Tech Index rose 1.2 per cent on Wednesday.

Also, commercial banks in Hong Kong are expected to hike rates either this month or in September next month. Any increase in rates will benefit depositors while borrowers will have to shell out more on the loans.

Alibaba Group Holding, the e-commerce group is due to release its quarterly earnings on Thursday, with consensus pointing to a 60 per cent slump from a year earlier based on the US accounting standard. The MSCI Asia Pacific Index fell 0.2% while the MSCI Emerging Markets Index rose 0.1%. The Japanese yen fell 0.1% to 133.32 per dollar while the offshore yuan rose 0.3% to 6.7609 per dollar.

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