The global stock market were seen rising on Thursday after the Federal Reserve (Fed) announced it will end its asset-purchasing program amid signs the world’s largest economy is strengthening.
The Federal Open Market Committee (FOMC) maintained its interest rates for ‘considerable time’ and said the labour market had improved and signaled that underutilization of labour resources was slowly retreating.
The Fed eliminated its remaining $15 billion worth of monthly asset purchases under its Quantitative Easing 3 (QE3) program, which is scheduled to end November.
The Japanese Nikkei 225 index gained 0.66% to 15,656.39 points at the time of writing, while Tokyo’s Topix index climbed 0.65% to 1,278.86 points, boosted by the positive reports.
The yen weakened against the US dollar on Thursday, trading around 109 yen, boosting gains for the nation’s exporters.
Nintendo jumped 3.5% after posting its quarterly earnings of 24.2 billion yen, beating an estimated 5.74 billion yen made by analysts. Honda Motor was up 1.5%, Suzuki Motor added 2.9% and Mazda Motor climbed 1.4%.
On the downside, Yahoo Japan declined by almost 6% after the internet-giants said its quarterly income will be between 45.2 billion yen and 47.3 billion yen.
The Bank of Japan will meet tomorrow after a report released earlier during the week revealed that the nation’s industrial production climbed to the highest since January, while retail sales came in higher than forecasted.
Hong Kong’s Hang Seng index eased at 0.05% to open at 23,807.39 points, while the Chinese mainland Shanghai Composite slumped 0.18% to 2,368.75 points.
China Railway advanced 9.4%, while Maanshan Iron and Steel climbed 10% after the company projected a fourth-quarter profit.
On the downside, PetroChina went down by 1.1% in Hong Kong after posting its lowest net earnings in eight quarters.
The Chinese government said it will boost consumption in six industries, including housing as the nation’s economy growth slows, the State Council said in a statement.
The South Korean Kospi index went down 0.47% to 1,951.88 points, while Australia’s benchmark S&P/ASX 200 index rose 0.47% higher to 5,473.30 points
Stocks in Europe elevated on Thursday as the market await economic reports.
The European Euro Stoxx 50 rose 0.58% higher to 3,039.87, while the German DAX 30 index gained 0.25% to 9,105.71. In France, the benchmark CAC 40 was up 0.75% to 4,141.37 and UK’s FTSE 100 added 0.36% to 6,476.82.
A string of economic reports are due to be released later in the day. Meanwhile, a fresh report released earlier today showed Spain’s economy expanded 0.5% in the September quarter, compared to the 0.6% growth recorded in the previous quarter.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.