Asian stocks attempt recovery, Fed minutes eyed

The Asian equity markets started Wednesday on a negative note, tracking the negative close on the European and US stocks. However, the Asian indices quickly reversed gains and made minor-recovery attempts as the yen eased against the greenback.

Markets now weigh Fed rate hike prospects, especially in light of yesterday’s poor CPI data and hawkish comments from Fed Dudley. Although, upside looks restricted amid lower commodities’ prices, which weigh on the energy and resource stocks.

Meanwhile, the Chinese equities appear unimpressed by the approval of the Shenzhen-HK stock connect, and wavers between gains and losses so far this session. All eyes now remain focused on the upcoming Fed minutes later on the day for further insights on the US interest rates outlook.

The Japanese benchmark index, the Nikkei 225 rises +0.50% to 16,680. The Australian markets trade modestly flat, with the S&P/ASX 200 now trading -0.05% at 5,530 points.

The Chinese equities trade marginally lower, with the benchmark Shanghai Composite index down -0.31%; the CSI300 index also trades -0.11% lower. While Hong Kong advances +0.37 around 23k levels.