(RTTNews) - Asian markets are mostly trading higher amid cautious trades on Wednesday. The gains, however, are limited in most markets in the region with investors awaiting the outcome of the 2-day U.S. Federal Open Market Committee meeting. The mixed close on Wall Street overnight appears to have rendered the mood a bit cautious.

Information technology, property trusts and consumer staples stocks are among the prominent losers in the Australian market. Select energy, materials and financial stocks are trading higher.

The benchmark S&P/ASX 200 index, which rose to 4,560 in early trades, is currently down 2.8 points, or 0.1%, at 4,529. The broader All Ordinaries index is trading at 4,537, down 3 points, or 0.1%, from its previous close. Earlier, the All Ordinaries index had surged to 4,566 after opening flat.

Among bank stocks, ANZ Bank and Commonwealth Bank of Australia are trading modestly lower. Westpac Banking Corporation is up 1.3%, while National Australia Bank is down with a loss of 1%. Macquarie Group is trading flat.

In the energy space, Woodside Petroleum and Oil Search are trading weak, while Santos and Origin Energy are up in positive territory with modest gains.

Among top miners, BHP Billiton is up modestly, Rio Tinto is trading slightly down from its previous close and Newcrest Mining is up over 3% on its previous closing price.

On the economic front, Australian retail trade at current prices fell 0.2% in September to a seasonally adjusted A$19.719 billion, from A$19.753 billion in August, the Australian Bureau of Statistics said on Wednesday. Over the September quarter, retail sales fell by 0.4% to A$56.959 billion in seasonally adjusted volume terms.

According to another report from the Australian Bureau of Statistics, building approvals rose a seasonally adjusted 2.7% to 12,476 units in September, from an upwardly revised 12.145 units in August. In the year to September, building approvals were up 11.7%.

The Japanese stock market opened lower on Wednesday with investors treading a cautious path, as they look ahead to the outcome of the two-day U.S. Federal Open Market Committee meeting.

The benchmark Nikkei 225 index, which dropped down to 9,768 in early trades, has edged up into positive territory and is currently trading at 9,815, up 12 points, or 0.12%, over Monday’s close. The index had ended lower by 231.8 points, or 2.3%, at 9,8025 on Monday. The Japanese market was closed on Tuesday due to a national holiday.

Toyota Motor Corp. shares gained ground on reports the carmaker will likely upgrade its global sales outlook to about 7 million units for the year through March, about 500,000 more than the previous estimate. Toyota’s operating loss will likely be smaller than the previously forecast loss of 750 billion yen, according to the report.

Honda Motor is trading modestly higher, while Mazda Motor and Mitsubishi Motors are trading flat. Shares of transport equipment maker Nissan Motor Co. are trading firm on reports that the carmaker will likely mass-produce lithium ion batteries for French parent Renault SA for use in electric vehicles.

Bank stocks are mostly trading lower. Machinery, electric machinery, steel and non-ferrous metals stocks are trading mixed. Food and chemicals stocks are exhibiting weakness. Shares of trading houses, real estate companies and securities firms are also mostly down in negative territory. Select pharmaceutical stocks are edging higher.

Shares of Fast Retailing Co. are up over 3% as the casual clothier said Monday evening that same-store sales at its flagship Uniqlo store chain rose 35.7% year on year in October with winter garments including its Heattech thermal underwear and fleece outfits seeing healthy sales.

In the currency market, the U.S. dollar traded in the lower 90-yen range early Wednesday in Tokyo, up slightly from its late Tuesday quotes in New York. In early trades, the dollar fetched 90.40-90.43 yen, up from Tuesday’s close of 90.28-90.38 yen in New York. The yen is currently trading at 90.21 to the U.S. dollar.

After a positive start and a subsequent upmove, the South Korean market shed some gains in late morning trades due to lack of support at higher levels.

The benchmark KOSPI index, which rose to 1,566.4 after opening at 1,566, is currently up 13.1 points or 0.84%, at 1,563.

Bank stocks are trading notably higher, with strong quarterly earnings reports from Korea Exchange Bank and Shinhan Financial Group triggering a rally in the sector. Korea Exchange Bank is up 6.3%, Shinhan Financial is trading with a 3% gain, Woori Finance is gaining 2.3% and KB Financial is up 2% over its previous close.

In the shipping space, Hyundai Heavy Industries and Daewoo Shipbuilding are up 2.8% and 1.6% respectively. Samsung Heavy Industries and STX Pan Ocean are trading modestly higher.

Among tech stocks, heavyweight Samsung Electronics and LG Display LCD are trading flat, while Hynix Semiconductor and LG Electronics are trading stronger by 1.2% and 1.5% respectively.

Automobile stocks Kia Motor, Ssangyong Motor and Hyundai Motor are exhibiting weakness. Steel stocks Hyundai Steel and POSCO are up 1.5% and 1.7% respectively. Telecom, oil and airlines stocks are also trading higher.

Among other markets in the Asia-Pacific region, Hong Kong and Taiwan are up sharply. Shanghai, Indonesia and Singapore are also trading with notable gains, while New Zealand is trading flat. Markets across the region had ended lower on Tuesday.

On Wall Street, stocks saw a choppy trading session on Tuesday, despite some signs of life on the M&A front and positive news on factory orders. The major averages closed on the opposite sides of the unchanged mark with a section of traders choosing to stay on the sidelines ahead of release of key economic reports later on in the week.

While the Dow ended lower by 17.5 points, or 0.2%, at 9,771.9, the Nasdaq closed up 8.1 points, or 0.4%, at 2,057.3 and the S&P 500 edged up 2.5 points, or 0.2%, 1,045.4.

Major European markets closed notably lower on Tuesday. The U.K.’s FTSE 100 lost 1.3%, while the German DAX index and the French CAC 40 index dropped by 1.4% and 1.5% respectively.

Crude oil prices turned higher on Tuesday. Light sweet crude for December rose to US$79.06 a barrel, up 93 cents on the session.

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Posted in Categories: Australia, Eurozone, Japan, New Zealand, Releases, Stocks, USA.

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