The Nikkei Index lost 2.1% to extend its losing streak to a fourth day and in the process reached a three-week low on Wednesday after the Japanese central bank raised doubts over easing its monetary policy anytime soon, pushing the Yen higher.
The Hong Kong market traded firmer on Wednesday with Tencent and casino shares advancing higher, while modest gains on mainland banking shares helped to lift the Hang Seng Index to its best intraday level since February.
Reuter’s reports that European markets are expected to open broadly unchanged on Wednesday after two days of declines, although slowing momentum suggested a reflective mood in the market as investors become more cautious.
According to the Reuters website, U.S. markets edged higher on Tuesday, reversing a three-day decline with investors picking up beaten-down social media and Internet stocks such as Amazon.com, Yahoo and LinkedIn, but banking stocks declined.
Business Day reports that the JSE All Share Index closed firmer on Tuesday, with the market positively influenced by the IMF’s view on expected sustainable growth in the US economy, but the IMF was negative on South Africa’s growth potential‚with investors buying into that Rand hedge shares such as SABMiller and BATS, while Naspers share price recovered 2.21% on the back of improved sentiment at its Chinese subsidiary Tencent.
The Rand was last trading slightly weaker at R10.4816 against the Dollar, while it is quoted at R14.4562 against the Euro and at R17.5059 to the Pound.
Gold was last trading firmer at $1,310.57, with the platinum price also quoted higher at $1,440.80, while the palladium price is trading stronger at $773.65.
Brent was last trading higher at $107.33 a barrel.