Asian stock markets were subdued on Wednesday while major currencies barely budged as looming euro zone meetings to discuss the Greek debt crisis overshadowed a firmer finish on Wall Street. Euro zone finance ministers meet later on Wednesday and EU leaders on Thursday, but officials are already downplaying the chance of a breakthrough.
Moves were modest with trade thinned by a holiday in Tokyo, leaving MSCI’s broadest index of Asia-Pacific shares outside Japan off a slight 0.03 percent. Shares in Shanghai edged up 0.2 percent as pressure grew for more stimulus after a very low reading on inflation stirred fears of deflation.
China’s central bank on Tuesday said it was ready to fight a downturn, while not taking excessive risks with credit creation. Australia’s main index slipped 0.6 percent even as a survey showing consumer confidence had surged to 13-month peaks in the wake of last week’s cut in domestic interest rates.