Asian Traders Wait on the FOMC Decision Scheduled for Tomorrow

The Asian and Pacific Rim benchmarks were mostly higher during the Asian trade session after lunch. Traders are waiting on the monetary policy and rate decision by the Federal Reserve Bank.

The central bank’s monetary policy arm, the Federal Open Market Committee (FOMC), starts its two day policy meeting today with a decision scheduled for Wednesday.

In South Korea, the Kospi composite index was up 0.4 percent. Shares of bio-pharmaceutical company, Celltrion added one percent.

In the Down Under, the Australian S&P ASX 200 was up over half a percent by the afternoon.

The Asian benchmark, the Japanese Nikkei 225, was down in Tuesday. Shares lost 0.72 percent as index heavyweights like Fast Retailing, Softbank Group and Fanuc all lost ground. In Tokyo, the broader Topix index fell 0.66 percent.

Other Asian Markets Gain as Traders Wait on the Fed’s Decision

In China, the Shanghai composite gained a fraction. The smaller Shenzhen composite added 0.3 percent and the Shenzhen component was up 0.29 percent by the afternoon.

In Hong Kong, the Hang Seng index was up 0.7 percent. Shares of Chinese tech firm Tencent were up one percent.

Traders are waiting for the FOMC’s monetary policy decision that is scheduled for tomorrow. Their two day monetary policy meeting kicks off today. The Fed has grown increasingly worried over economic growth, ongoing trade wars and low inflation.

The FOMC is not likely to make any move this month but traders will look at commentary for any signals regarding future rate cuts this year.