Asian markets closed mostly in red on Wednesday, with Shanghai edging down after climbing more than 2 percent in the previous two days. Bank of Japan board member Sayuri Shirai ruled out the chance of an imminent expansion of monetary stimulus, but warned of risks to the price outlook that will keep pressure on the central bank as it seeks to hit an ambitious inflation target. Shirai stated that a broad uptrend in inflation was taking hold, and steady improvements in the economy would help lift wages and consumer prices. But she warned that wage rises have been modest and companies may be slow in raising prices of their goods if underlying inflation remained subdued for too long. Pan Gongsheng, a deputy governor of the People’s Bank of China stated that China’s economy still faces many uncertainties and the authorities face a difficult task in implementing macro-adjustments and reforms. Activity in China’s services sector accelerated in May as new business rose at the fastest pace in three years, a rare piece of good news for policymakers struggling to reviving a cooling economy. Manufacturing activity in Singapore rose more-than-expected last month. Singaporean PMI rose to 50.2, from 49.4 in the preceding month.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 4,909.98 | -0.55 | -0.01 |
Hang Seng | 27,657.47 | 190.75 | 0.69 |
Jakarta Composite | 5,130.50 | -83.32 | -1.60 |
KLSE Composite | 1,749.17 | 7.80 | 0.45 |
Nikkei 225 | 20,473.51 | -69.68 | -0.34 |
Straits Times | 3,349.84 | 9.09 | 0.27 |
KOSPI Composite | 2,063.16 | -15.48 | -0.74 |
Taiwan Weighted | 9,556.52 | -57.74 | -0.60 |
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