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The Today's News

Asian markets mixed ahead of Bernanke speech

HONG KONG: Asian markets were mixed on Wednesday, with attention turning to a speech by US Federal Reserve chief Ben Bernanke later in the week as dealers look for an indication of any stimulus by the central bank. And the euro was also holding up against the yen and dollar after successful bond auctions in Spain and Italy came against a backdrop of expectations that the European Central Bank (ECB) will restart a bond-buying programme. Tokyo gained 0.25 percent in the afternoon, Hong Kong added 0.10 percent by the break and Seoul climbed 0.24 percent but Sydney gave up 0.10 percent and Shanghai shed 0.46 percent. Bernanke is due to address central bankers at an annual meeting in Jackson Hole, Wyoming, on Friday, with investors hoping he will outline plans for further measures to boost the world's number one economy. "Players remain in wait-and-see mode leading up to the Jackson Hole summit where more hints on information about the direction of monetary policy are expected," said Hiroichi Nishi, general manager of equities at SMBC Nikko Securities. Global markets enjoyed an impressive rally in August on hopes for fresh Fed stimulus and bond-buying by the ECB, while Chinese leaders are also expected to loosen monetary policy to kickstart the Asian giant. On forex markets the euro bought $1.2556 and 98.69 yen in early Asian trade, compared with $1.2565 and 98.68 yen in New York late Tuesday.