Investing.com – Asian equities traded higher in morning trade on Wednesday as investors await the Federal Reserve’s decision on U.S. rate hikes this year.
U.S. President Donald Trump is expected to unveil up to $60 billion in import duties on Chinese products by Friday, according to reports. The move would come after Trump imposed tariffs on imported steel and aluminum earlier this month.
Meanwhile, Facebook (NASDAQ:FB) remained in focus as reports emerged on Wednesday said the company is sued by investors over the leak of users’ data and is under Federal investigation.
Overnight, the S&P 500 was up 0.2%, the Dow added 0.5% and the Nasdaq gained 0.3%.
In China, Ping An Insurance (HK:2318) made headlines as the country’s largest insurer reported that its full year net income jumped 43% from last year. The insurer said it invested in technology to boost insurance banking and asset management’s profitability, and that it aimed to eventually generate half of its profits from its technology segment. The Shanghai Composite and Shenzhen Component gained 0.5% and 0.8% respectively at 10:39PM ET (02:39GMT).
Hong Kong’s Hang Seng Index traded 1.2% higher. Index heavyweight Tencent Holdings Ltd (HK:0700) is due to report earnings after market close later in the day. Airasia Bhd (KL:AIRA) was in focus after its CEO Tony Fernandes said he had talks with HNA over the possibilities of a wide range of possible cooperation, including acquiring businesses from HNA.
Down under, Australia’s S&P/ASX 200 gained 0.2%. Crown Resorts (OTC:CWLDY) fell as much as 1.7% after reports suggested that billionaire James Packer resigned as the company’s director due to health concerns. The billionaire’s investment company Consolidated Press Holdings owns 47% of Crown. Oil companies were also up in Australia following news that OPEC-led alliance of major oil producers accelerated the timeline for output curbs.
Elsewhere, Noble Group Ltd (SI:NOBG)’s top investor Goldilocks Investment is planning to sue the company, alleging it inflated profit to raise money and the management paid themselves inflated salaries. The commodity trader responded by saying it would vigorously resist all lawsuit allegations. Rating Agency S&P said it does not expect Noble to meet any outstanding obligation. The company’s share plunged 10.6% following the development.
Japan’s Nikkei is closed for a local holiday.