Investing.com – Asian stock markets advanced on Wednesday, amid low trade volume, as markets focused on a critical Federal Reserve decision later today, while markets in Japan were closed due to a national holiday.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.88%, South Korea's Kospi Composite gained 0.93%, while Japan’s Nikkei 225 Index was closed in observance of Culture Day.
The Hang Seng’s gains came as shares in the energy sector led markets higher after crude oil prices climbed to a 6-month high. Shares in China’s largest oil and gas company PetroChina soared 3.66%, rivals Shenhua Energy saw shares rise 1.12%, while shares in oil and gas explorer Sinopec Corporation jumped 3.35%.
Elsewhere, Australia’s S&P/ASX 200 added 0.45%, as miners led gains amid rising metal prices. Shares in the world’s largest mining group BHP Billiton climbed 0.85%, rivals Newcrest Mining saw shares jump 1.15%, while shares in gold producer Medusa Mining soared 5.57%.
In earnings news, shares in Australia’s largest lender Westpac Banking rose 0.47% after it said that its fiscal-year net profit increased by 84% to AUD 6.3 billion.
Meanwhile, in Europe, equity markets were up after the open. The EURO STOXX 50 gained 0.30%, France’s CAC 40 rose 0.27%, the FTSE 100 gained 0.15% and Germany's DAX was up 0.21%.
Later in the day, the Federal Reserve was to announce its November rate statement. The announcement was widely expected to unveil a fresh round of Treasury bond purchases designed to support the U.S. economic recovery.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.88%, South Korea's Kospi Composite gained 0.93%, while Japan’s Nikkei 225 Index was closed in observance of Culture Day.
The Hang Seng’s gains came as shares in the energy sector led markets higher after crude oil prices climbed to a 6-month high. Shares in China’s largest oil and gas company PetroChina soared 3.66%, rivals Shenhua Energy saw shares rise 1.12%, while shares in oil and gas explorer Sinopec Corporation jumped 3.35%.
Elsewhere, Australia’s S&P/ASX 200 added 0.45%, as miners led gains amid rising metal prices. Shares in the world’s largest mining group BHP Billiton climbed 0.85%, rivals Newcrest Mining saw shares jump 1.15%, while shares in gold producer Medusa Mining soared 5.57%.
In earnings news, shares in Australia’s largest lender Westpac Banking rose 0.47% after it said that its fiscal-year net profit increased by 84% to AUD 6.3 billion.
Meanwhile, in Europe, equity markets were up after the open. The EURO STOXX 50 gained 0.30%, France’s CAC 40 rose 0.27%, the FTSE 100 gained 0.15% and Germany's DAX was up 0.21%.
Later in the day, the Federal Reserve was to announce its November rate statement. The announcement was widely expected to unveil a fresh round of Treasury bond purchases designed to support the U.S. economic recovery.