Asian shares meandered Wednesday as markets awaited the outcomes of monetary policy meetings in the US and Japan.
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WALL STREET: The Dow Jones industrial average gained 9.79 points, or 0.1 percent, to 18,129.96.
The December share price index futures contract was up 39 points at 5,329 points, with 34,247 contracts traded.
The pan-European STOXX 600 was up 0.91 percent.
The Australian and New Zealand dollars hit one-week highs against the yen on Wednesday after the Bank of Japan (BOJ) overhauled its massive stimulus programme while recommitting to the fight to lift inflation.
The BOJ, which introduced negative interest rates on some commercial-bank deposits in January, said it would stick with that policy and held open the possibility rates could move further into negative territory if needed. Though the Fed is not expected to raise rates, investors will comb the US central bank’s statement for any clues on the timing of the next rate hike.
The yen weakened sharply in late 2012 through 2014 but has since rebounded.
The dollar soared to ¥102.30 from ¥101.69 in the morning and ¥101.72 in NY, while the euro was at ¥114.10 from ¥113.50 earlier.
FILE – This Monday, July 6, 2015, file photo shows a sign for Wall Street carved into the side of a building in NY.
The Bank of Japan said in a statement Wednesday that its key policy rate will remain at negative 0.1 percent.
ENERGY: Oil prices rose after the American Petroleum Institute said fuel stockpiles are continuing to shrink.
Oil prices were up in early Asian trade with US crude oil futures up 1.8 percent to $44.83 per barrel.
Sydney added 0.7 per cent and Seoul gained 0.5 per cent, while Taipei put on 0.7 per cent.
Others point out if central banks really want to create inflation, it is well within their means, if they are prepared to take bolder steps such as monetisation of government debt, which has been openly discussed.
ADOBE JUMPS: Software maker Adobe Systems climbed after it raised its forecasts for the year.
Oil prices climbed for a second day as traders await the release of United States stockpiles data, while also having one eye on next week’s meeting of top producers that will discuss a global supply glut and overproduction.
In other currency trade, the euro was at $1.1138 from $1.1150. It is up 1.5 per cent in a week.
The stock was also the top influence on the S&P 500 and the Nasdaq. The technology giant’s stock rose 71 cents, or 1.2 percent, to $57.54.
FED TO FOLLOW: Investors doubt the Fed will raise interest rates when it wraps up its policy meeting on Wednesday, but are watching closely for hints about future moves.
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Fed Chair Janet Yellen is scheduled to conclude the U.S. central bank’s meeting with a press conference at 2:00 p.m. ET (1800 GMT) on Wednesday. Pledging to hold 10-year yields at zero might in practice require less firepower, allowing the BOJ to keep up its policy for longer.
