Asia Stocks Edge Higher as Investors Await Fed’s Rate Decision Later Today

Stocks in Asia traded mostly higher on Wednesday morning ahead of the Fed’s monetary decision later today.

 

As of 9:23 local time in Thailand, Nikkei dropped 0.79%, SSEC rose 0.60%, HSI advanced 0.39%, ASX 200 increased 0.03% and Kospi gained 0.28%.

 

Investors were likely to focus on the upcoming interest rate decision by the Fed, expected to be released on Wednesday stateside, to grapple with the direction of the global economy amid the coronavirus crisis.

The spreading of coronavirus continued to weigh on investors’ sentiment as the number of confirmed cases was on the way to reach 17 million, while fatalities were almost 660,000. The U.S. remained one of the hotspots as five states, including Arkansas, Florida, Montana, Oregon and California reported one-day records for fatalities on Tuesday. The nation confirmed over 1,200 deaths solely on Tuesday.

 

Finansia Syrus Securities (FSS) expected a sideways to sideways down trends within 1,330-1,350 for today’s session in SET Index as the current situation lacks positive factors to drive the market. Meanwhile, investors were also monitoring the development between the U.S. and China after a tit for tat on closing each other consulate. FSS expected the Fed to maintain its monetary policy at 0-0.25%.