Asian stocks opened mostly in positive territory on Wednesday even as global growth concerns and weak US economic data weighed on Wall Street overnight.
Hong Kong, Shanghai and China’s CSI300 indexes opened marginally higher, while Japan's Nikkei share average was down 0.18%. “The Fed’s problem right now is that plenty of soft indicators and surveys are pointing to a slowdown,” Steve Englander of Standard Chartered Bank said. “While hard data on activity and inflation do not suggest an imminent slowdown, it is hard to ignore a day when the S&P services PMI, new home sales, and Richmond Fed index all come in below the lowest expectation.”
Gold prices also held their ground at $1,865.39 an ounce, having risen to their highest in two weeks on Tuesday as the safe-haven metal's appeal was lifted by a weaker US dollar and lower treasury yields.
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