Asian stocks advanced on Wednesday following remarks from Bank of Japan Deputy Governor Uchida Shinichi, confirming that the central bank will not raise interest rates during times of financial market volatility.In Asian trading, the dollar held steady, and gold saw a slight increase after Federal Reserve officials assured markets that a U.S. recession is not imminent.Oil prices experienced fluctuations due to industry data revealing an unexpected build in inventory, countering concerns about global oil supply.China’s Shanghai Composite Index closed slightly higher at 2,869.83, as July trade data presented a mixed picture. Meanwhile, Hong Kong’s Hang Seng Index rose by 1.38 percent to 16,877.86.Official data indicated that China’s exports grew less than anticipated at the beginning of the third quarter, while imports rebounded thanks to domestic demand. Exports recorded an annual growth of 7.0 percent in July, below the forecasted 9.7 percent and following June’s 8.6 percent expansion. Conversely, imports surged 7.2 percent yearly, overturning June’s 2.3 percent decrease and exceeding the predicted 3.5 percent increase.Japanese markets climbed for a second consecutive day due to dovish signals from the Bank of Japan. The Nikkei average initially dropped over 900 points but then reversed to end the session up 1.19 percent at 35,089.62. The broader Topix Index rose by 2.26 percent to 2,489.21. The yen weakened to the 147-yen level after earlier trading within the 144-yen range.Technology investor SoftBank surged by 5.2 percent after announcing plans for a $3.4 billion share buyback. In contrast, air conditioning equipment maker Daikin Industries plunged by 10 percent following a disappointing first-quarter operating income report.Seoul stocks rose for the second straight session, with the Kospi average increasing by 1.83 percent to 2,568.41, driven by gains in the tech sector. Leading the market, Samsung Electronics jumped 3 percent, and No. 2 chipmaker SK Hynix rallied 3.4 percent.Australian stocks continued gains from the previous session, propelled by property and energy stocks. The benchmark S&P/ASX 200 edged up 0.25 percent to 7,699.80, while the broader All Ordinaries Index closed up 0.29 percent at 7,913.10.Across the Tasman Sea, New Zealand’s benchmark S&P/NZX-50 Index rose by 0.66 percent to 12,326.17.In U.S. markets, stocks rebounded overnight after three consecutive days of losses. Investors sought bargains as Caterpillar and Uber reported strong earnings and Federal Reserve officials clarified that the U.S. economy is not headed for a recession.In economic news, the U.S. trade gap narrowed less than expected in June, and the Atlanta Fed raised its third-quarter growth projection for the U.S. economy. The Dow gained 0.8 percent, while the S&P 500 and the tech-heavy Nasdaq Composite both added approximately 1 percent.The material has been provided by InstaForex Company – www.instaforex.com
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