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Asian stock indexes mixed; market focus on ECB remarks

Posted April 19, 2016 7:00 am

By YURI KAGEYAMA

FILE - In this Oct. 2, 2014, file photo, the statue of George Washington on the steps of Federal Hall faces the facade of the New York Stock Exchange. U.S. stock indexes moved mostly higher in early trading Tuesday, April 19, 2016, as investors pored through the latest batch of company earnings. Mining and energy companies were among the biggest gainers, while technology stocks lagged the most. Oil prices rebounded. (AP Photo/Richard Drew, File) The Associated Press

TOKYO (AP) - Asian stocks meandered Wednesday, as investor attention turned to upcoming remarks from a European Central Bank official.

KEEPING SCORE: Japan's benchmark Nikkei 225 edged up 0.5 percent in morning trading to 16,962.28. Australia's S&P/ASX 200 added 0.3 percent to 5,271.80. South Korea's Kospi gained 0.3 percent to 2,016.81. Hong Kong's Hang Seng fell 0.6 percent to 21,307.82, while the Shanghai Composite inched up nearly 0.1 percent to 3,044.98.

WALL STREET: The mostly higher finish for U.S. stocks helped boost sentiments in Asia. The Dow rose 49.44 points, or 0.3 percent, to 18,053.60. The S&P 500 index gained 6.46 points, or 0.3 percent, to 2,100.80. The Nasdaq fell 19.69 points, or 0.4 percent, to 4,940.33.

EUROPE FOCUS: The European Central Bank's governing council is meeting, and investors are closely watching for what President Mario Draghi might say at the news conference later this week. Doubts persist whether the stimulus measures the bank has taken are really working, such as cutting interest rates and expanding a government bond-buying.

THE QUOTE: "Sentiments will be driven by the ECB President Draghi when he speaks," said Alex Wijaya, senior sales trader at CMC Markets in Singapore. "In his previous speech, Mr. Draghi hinted that the deposit rate won't be cut further into negative territory. However with persistent low inflation and the euro now trading at six-month highs, Mr. Draghi could possibly backtrack on his previous statement and consider a further rate cut to fight deflationary pressure."

ENERGY: Benchmark U.S. crude fell 68 cents to $41.79 a barrel in electronic trading on the New York Mercantile Exchange. It rose 84 cents on Tuesday. Brent crude, the international benchmark, slipped 60 cents to $43.43 a barrel in London.

CURRENCIES: In currency markets, the dollar remained relatively strong, slipping slightly to 109.05 yen from 109.43 yen. The euro rose slightly to $1.1367 from $1.1336.

___

AP Business Writer Alex Vega in New York contributed to this report.

Follow Yuri Kageyama on Twitter at: https://twitter.com/yurikageyama

Her work can be found at http://bigstory.ap.org/content/yuri-kageyama

People walk past an electronic stock board showing Japan's stock prices at a securities firm in Tokyo, Tuesday, April 19, 2016. Asian stock markets are mostly higher, led by a rally in Japan, as investors were encouraged by Wall Street's rally to its highest levels in recent months. (AP Photo/Shuji Kajiyama) The Associated Press

A man walks by an electronic stock boards including Japan's Nikkei stock index, far left, at a securities firm in Tokyo, Tuesday, April 19, 2016. Asian stock markets are mostly higher, led by a rally in Japan, as investors were encouraged by Wall Street's rally to its highest levels in recent months. (AP Photo/Shuji Kajiyama) The Associated Press

People walk by an electronic stock board showing Japan's Nikkei stock index at a securities firm in Tokyo, Tuesday, April 19, 2016. Asian stock markets are mostly higher, led by a rally in Japan, as investors were encouraged by Wall Street's rally to its highest levels in recent months. (AP Photo/Shuji Kajiyama) The Associated Press

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