In Asian trading Thursday, Japan’s Nikkei 225 rose 1.16%. On Wednesday, the Federal Reserve said it will continue its USD85 billion per month asset-buying program over the near-term.
"The committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes," the Fed said in a statement.
"The committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens," the Fed added.
Hong Kong’s Hang Seng added 0.99% while the Shanghai Composite soared 1.64% after China’s PMI read 50.3 in July, according to the National Bureau of Statistics and China Federation of Logistics and Purchasing. Economists expected a reading of 49.8. The June reading was 50.1. Readings above 50 indicate expansion. The HSBC was worse, checking in well below 50.
Australian stocks fell after the Australian Bureau of Statistics said its import price index contracted 0.3% in July after being flat in June. Analysts expected a July increase of 1.8%.
On Wednesday, the Australian Industry Group said its manufacturing index fell 7.6 points to 42 last month, marking the worst decline since April.
New Zealand’s NZSE 50 was flat while Singapore’s Straits Times Index jumped 0.75%. South Korea’s Kospi advanced 0.48% after the Korea National Statistical Office said that South Korean CPI rose 1.4% last month. Analysts expected a 1.5% increase.
S&P 500 futures added 0.40% a day after the benchmark U.S. index inched down 0.01%.
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