Australian Stocks Higher Amid Tumbling Commodity Prices

Asian equity markets are headed for a mixed session on Wednesday, with tumbling commodity prices expected to dent risk sentiment.

Australia’s benchmark index S&P ASX 200 rose to a one-week high, while the Australian dollar recovered after falling to a four-year low overnight, on sinking iron ore prices. Reserve Bank of Australia deputy governor Philip Lowe called the currency overvalued, which also contributed to losses.

Japan’s Nikkei index could give up all of its previous gains at the open. Chicago stock futures fell 0.5 percent to 17,415 while earlier futures in Osaka closed down 0.2 percent at 17,390. The index closed up 0.3 percent at 17,407 points on Tuesday.

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