Asian stock indices went up ahead of the release of the FOMC Minutes for July. Investors await the publication of the report as it may hint at the possibility of tapering by the US Fed.
Despite growing concerns over the spread of new coronavirus variants and their possible impact on macroeconomic indicators, Asian stocks continue to increase. A drop in new COVID-19 cases in China is believed to be behind the increase.
Thus, Japan's Nikkei 225 gained 0.6%. Toho Zinc Co. and Nissan Chemical Corp. were also among the leaders, surging by 4.3% and 3.8% respectively. At the same time, Rakuten shares lost 5.9%.
Owing to the gradual opening of the world economy, Japan's exports grew sharply. The indicator soared by 37% to 7.211 trillion yen in July, following a 48.6% increase in June. Analysts expected exports to rise by 39%. The Japanese market has begun to recover as investors bought securities after four days of decline.
China's Shanghai Composite climbed 0.8%. The Hang Seng index was up by 0.9%. At the same time, Xinyi Solar Holdings Ltd. gained 6.9%, Meituan rose by 4.7&, BYD grew by 3.2%, and Geely Automobile Holdings Ltd. increased by 3.1%. Tencent Holdings and Alibaba Group added 0.9% and 0.2% respectively.
Soth Korea's Kospi was up by 1%. Samsung Electronics Co. shares increased by 0.3%. Meanwhile, Hyundai Motor lost 0.2%.
Australia's S&P/ASX 200 went down. BHP plunged by 6.8% and Woodside Petroleum Ltd. fell by 1.4%. BHP and Woodside Petroleum Ltd. have announced a merger. After the merger, the newly created firm will become one of the world's ten largest energy companies and natural gas producers.
