Stock markets across Asia were mixed today (October 29th) as investors became increasingly cautious ahead of the next announcement by the US Federal Reserve.
Amid speculation the Fed could begin a tapering of its quantitative easing scheme in the next few days, Hong Kong and China markets moved higher.
Michael Hanson, US economist at BofA Merrill Lynch, told the Financial Times that he does not believe the tapering process will begin this year.
He said: "The partial federal government shutdown did not just delay major data releases and trim several tenths from expected fourth-quarter gross domestic product growth."
While Hong Kong and China markets grew today, the Nikkei slipped one per cent before erasing most of those losses to end the day 0.1 per cent lower.
The Nikkei had got the new week off to a good start yesterday when it increased in value by 2.2 per cent, cancelling out some of the 2.8 per cent losses sustained on Friday.
Learn about the Asian markets and CFD trading at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.