Shares in Asia narrowly mixed as investors await U.S. data

Category: Stock Market

Shares in Asia were narrowly midxed on Wednesdya with investors awaiting clearer insight on the next Federal Reserve move with end of the week nonfarm payroll data.The S&P/ASX 200 fell 0.20%, while the Shanghai Composite rose 0.08%. The Nikkei 225 edged down 0.05%.In Australia, GDP data for the third quarter showed a 0.9% gain, beating an 0.8% increase seen quarter-on-quarter and putting the annual pace at 2.5%.The Fed will make its latest policy views known at the dn of a meeting scheduled Decemebr 15-16. The nonfarm payroll data is seen as crucial as the last major piece of the data puzzle available before the meeting.Overnight, U.S. stocks rose broadly on Tuesday reversing some of their recent losses, amid weak global manufacturing data, as factory activity in both the U.S. and China slumped to multi-year lows in November.The Federal Reserve is keeping a close eye on economic indicators over the next two weeks ahead of its critical monetary policy meeting on December 15-16, where the U.S. central bank could raise short-term interest rates for the first time in nearly a decade. A rate hike is largely viewed as bearish for U.S. equities, as investors exit their positions and pile into bonds in order to take advantage of higher yields.The Dow Jones Industrial Average rose 168.43 or 0.95% to close at 17,888.35, while the NASDAQ Composite index added 47.64 or 0.93% to 5,156.31, amid gains in pharmaceutical and semiconductor stocks. The S&P 500 Composite index, meanwhile, jumped 22.22 or 1.07% to 2,102.63, as all 10 sectors closed in the green. Stocks in the Health Care, Financials and Technology sectors led, each gaining more than 1% on the session. The three major indices all closed higher for November, posting their second consecutive monthly gain for the first time since the spring.