Asian stocks ended higher on Wednesday as oil extended overnight gains and solid US economic data as well as hopes of stimulus offset worries about the economic effects of Brexit on the global economy. Reports showed that a gauge of US consumer confidence hit its highest level since October in June, while the US economy expanded more than previously thought in the first quarter of 2016. Investors pushed back bets on US rate increases after US Federal Reserve Governor Jerome Powell said the Brexit result has introduced new uncertainties into the global outlook. Japanese shares climbed as the safe-haven yen steadied and the global markets returned to a semblance of normality. Meanwhile, Japanese Prime Minister Shinzo Abe pledged broad policy support to achieve market stability. Chinese shares ended higher as authorities sought to calm anxiety over potential shifts in Beijing's currency policy following last week's Brexit vote. The yuan held steady, hovering near its 5-1/2-year low against the dollar, after China's two main official securities newspapers said market expectations for the currency remained basically stable with no signs of panic selling.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,931.59 | 19.03 | 0.65 |
Hang Seng | 20,436.12 | 263.66 | 1.31 |
Jakarta Composite | 4,980.10 | 97.93 | 2.01 |
KLSE Composite | 1,642.21 | 8.17 | 0.50 |
Nikkei 225 | 15,566.83 | 243.69 | 1.59 |
Straits Times | 2,792.73 | 36.20 | 1.31 |
KOSPI Composite | 1,956.36 | 20.14 | 1.04 |
Taiwan Weighted | 8,586.56 | 81.05 | 0.95 |
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