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Investing.com– Asian stocks were mixed on Tuesday as markets awaited interest rate decisions from major central banks later this week, while weak Chinese economic readings released a day earlier eroded risk sentiment. .
The US Federal Reserve will meet on Wednesday to decide its key monetary policy, where a 25 basis point cut is widely expected. Markets were waiting for signals on the path of long-term rates from the Federal Reserve from this meeting.
US stock index futures fell slightly in Asian trading. Indices closed higher overnight with gains in technology stocks.
Markets await interest rate decisions in Asia
In addition to the Federal Reserve meeting, interest rate decisions in Japan, Indonesia, Thailand and the Philippines were also in focus this week.
Japan’s rose 0.3% and rose ahead of the Bank of Japan at the end of this week.
Reuters had reported that the BOJ was likely to keep interest rates unchanged this week, in contrast to earlier expectations of an increase.
Indonesia’s fell 0.5%. Bank Indonesia (BI) will decide its key on Wednesday.
A slim majority of economists in a Reuters poll expect BI to maintain its key interest rate to support the rupee. This comes after most had anticipated a rate cut just a month ago.
Thailand’s was largely muted as the Bank of Thailand (BOT) is expected to keep its rate unchanged on Wednesday following an unexpected rate cut in October. Markets are divided on whether the bank will maintain the rate or cut it further early next year.
The Philippine index fell 1.5% earlier than the Central Bank of the Philippines (BSP) reported on Thursday.
The Philippine central bank is expected to reduce its policy rate by 25 basis points for the third consecutive time, as inflation remains manageable and the economy shows signs of weakening.
China, Hong Kong stocks fall after weak economic data
China’s fell 0.5%, while the index gained 0.4%. The Hong Kong index fell 0.5%.
China’s growth increased as expected; However, growth slowed sharply in November, highlighting persistent weaknesses in consumer spending.
Furthermore, it declined at a slightly slower pace, highlighting the current challenges in the real estate sector.
Elsewhere, Australia’s rose 0.8%, while India’s pointed to a negative start on Tuesday.
South Korea’s index fell 0.9% amid an ongoing political crisis in the country. South Korean President Yoon Suk Yeol was impeached in parliament on Saturday for his attempt to impose martial law in the country.
