Asian stocks trade broadly higher after Bank of Japan holds interest rates steady – CNN

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Japan’s Nikkei rose 0.7%. South Korea’s Kospi (KOSPI) rose 0.6%. Australia’s S&P/ASX 200 moved up 0.3%. Taiwan’s Taiex reversed early gains and dropped 0.3%.

Hong Kong’s Hang Seng Index (HSI) and the Shanghai Composite Index (SHCOMP) rose 0.5% and 0.7%, respectively.

Stocks struggle for direction ahead of Fed decision

Stocks struggle for direction ahead of Fed decision

The Bank of Japan maintained its short-term interest rate target at -0.1%. It also left its guidance on interest rates unchanged, and said it intends to keep rates where they are through at least next spring. But the central bank added that it “will not hesitate” to make adjustments if necessary.

The Federal Reserve’s two-day policy meeting will also start Tuesday. The US central bank is widely anticipated to cut interest rates for the first time since 2008.

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Meanwhile, US-China trade talks are kicking off in Shanghai. It’s the first time that top negotiators from the two countries are meeting in person since their leaders declared a temporary truce at the G20 last month. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are expected to speak with Chinese Vice Premier Liu He and other senior officials.

Here are some of the other big moves on Asian markets at 11:30 a.m. Hong Kong time.

  • Tencent (TCEHY) rose 1% in Hong Kong. The Chinese social media and gaming giant announced a partnership Monday with Qualcomm (QCOM). The companies expect to “optimize” Tencent games on devices that use Qualcomm chips, among other efforts. Separately, Tencent announced it would renew a partnership for five years with the NBA.
  • The Chinese movie and TV production company Beijing Enlight Media advanced 2%, building on its Monday gains. The stock received a boost after its animated film “Nezha” broke local records for an animated film’s opening. It pulled in $102 million in ticketing revenue for the first three days, according to the company.
  • The Japanese yen strengthened against the US dollar, reversing weakness earlier in the morning It was trading at ¥108.7500 per dollar after of the Bank of Japan’s policy announcement.
  • Hong Kong is set to announce its second-quarter GDP figures later this week. Analysts expect the local economy to be hurt by the city’s massive protests. On Monday, Hong Kong stocks closed 1% lower.
  • Oil prices rose in early Asian trading. WTI crude and Brent crude were both up, trading at $57.18 per barrel and $63.91 per barrel, respectively.
  • US stocks ended mixed Monday. The Dow Jones Industrial Average was up 0.1%. But the S&P 500 index lost 0.2%, and the Nasdaq Composite Index dropped 0.4%.