Australian stocks edge higher as investors look ahead to Fed announcement

SINGAPORE — Shares in Australia edged higher in Wednesday morning trade as investors look ahead to the end of the U.S. Federal Reserve’s two-day meeting for clues on tapering.

The S&P/ASX 200 jumped about 1% in morning trade as shares of BHP and Westpac jumped more than 1% each.

Markets in Japan are closed on Wednesday for a holiday.

The Federal Reserve concludes its two-day meeting on Wednesday stateside, with investors watching out for details surrounding any scaling back of the amount of bonds the central bank buys each month.

A private survey on Chinese services activity in October is also expected to be out on Wednesday, with the Caixin/Markit services Purchasing Managers’ Index due 9:45 a.m. HK/SIN.

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Wall Street rises to record highs again

Overnight on Wall Street, the S&P 500 climbed 0.37% to 4,630.65 while the Dow Jones Industrial Average advanced 138.79 points to 36,052.63. The Nasdaq Composite rose 0.34% to 15,649.60.

Tuesday marked the third session in a row where all three major averages stateside closed at a record.


The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 94.09 after a recent climb from levels below 93.9.

The Japanese yen traded at 113.99 per dollar, weaker than levels below 113.6 seen against the greenback yesterday. The Australian dollar changed hands at $0.743 after yesterday’s drop from above $0.752.

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