Most of the Asian counters are trading in green in early deals on Wednesday, ahead of expected further monetary easing by the European Central Bank. The ECB is expected to take rates even deeper into negative territory at its Thursday meeting. Policy makers have indicated the ECB could introduce a tiered system of deposits, which would see only a portion of deposits subject to negative rates, which could ease a further hit to the banking sector’s profitability. Meanwhile, China has scrapped quotas on a pair of high-profile inbound investment schemes, giving global traders unfettered access to the world's second-largest capital market in another move in the country’s economic liberalization. Japanese Nikkei index edged higher, hitting a six-week high as banks extended gains on rising bond yields. A cheaper yen also buoyed sentiment.
Asian markets were trading mostly in green; Hang Seng increased 423.98 points or 1.59% to 27,107.66, Nikkei 225 surged 195.58 points or 0.91% to 21,587.68, Straits Times advanced 34.75 points or 1.1% to 3,190.46, Taiwan Weighted strengthened 14.89 points or 0.14% to 10,768.47 and KOSPI rose 12.51 points or 0.62% to 2,044.59.
On the flip side, Shanghai Composite declined 0.10 points or 0% to 3,021.10 and Jakarta Composite lost 4.97 points or 0.08% to 6,331.70.
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