Asian equities opened higher early Wednesday, brushing off a poor finish in the U.S. overnight and continued weakness in the oil markets, as investors look ahead to the Federal Reserve’s monthly meeting.
A below-view trade report from Japan weighed on Japanese shares at the open, but stocks soon rebounded. Japanese exports rose 4.9 percent on year, below expectations for a 7 percent rise in a Reuters poll and down from October’s 9.6 percent increase. Imports decline 1.7 percent, below expectations for a 1.7 percent rise and down from October’s 2.7 percent rise. Meanwhile, Bank of Thailand is due to announce its policy decision later in the session and is expected to hold rates steady.
U.S. stocks fell for a sixth session in seven overnight, as traders tracked the price of oil and pondered the impact of lower energy costs and Russia’s economic troubles on the Federal Reserve’s policy decisions. The Dow Jones Industrial Average dropped 0.7 percent while the S&P 500 shed 0.9 percent. The tech-heavy Nasdaq declined 1.2 percent.
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