Investing.com - Asian stock markets declined on Wednesday, after a top-level Communist Party meeting disappointed investors and amid growing speculation the Federal Reserve will begin tapering its asset purchase program at its December policy meeting.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 1.7%, Australia’s ASX/200 Index ended 1.37% lower, while Japan’s Nikkei 225 Index closed down 0.15%.
In Hong Kong, the Hang Seng dropped to a ten-week low after a four-day summit of China's top Communist Party leaders, known as the Third Plenum, failed to provide a clear direction on policy over the coming decade.
A statement released followed the conclusion of the meeting on Tuesday said policymakers will create a new committee to "deepen reforms" to allow the free market to play a larger role in the economy.
The China banking sector were among the biggest losers on the index, with China Construction Bank shares falling 2.9%, Industrial and Commercial Bank of China tumbling 3.1% and China Minsheng Bank retreating 3.2%.
Meanwhile, in Tokyo, the Nikkei inched lower as traders monitored movements in the currency market.
USD/JPY fell to hit a session low of 99.41, moving off the previous day’s high of 99.78. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.
In earnings news, Sumitomo Mitsui Financial Group saw shares climb 1.65% after the lender raised its full-year net profit forecast to JPY750 billion from JPY580 billion.
Elsewhere, In Australia, the ASX/200 Index ended lower as losses in the banking sector weighed on the benchmark index.
National Australia Bank shares dropped 2.45%, while ANZ Banking Group and Westpac Banking Group declined 2.1% and 1.8%. Commonwealth Banking Group fell 2.3%.
Looking ahead, European stock market futures pointed to a lower open.
The EURO STOXX 50 futures pointed to a loss of 0.4% at the open, France’s CAC 40 futures dipped 0.3%, London’s FTSE 100 futures indicated a drop of 0.6%, while Germany's DAX futures pointed to a loss of 0.3% at the open.
Investors were turning their attention to Thursday’s Senate hearing to confirm Janet Yellen as the first chairwoman of the Federal Reserve, for indications on the future course of U.S. monetary policy.
Speculation that the Fed may start to taper its USD85 billion-a-month asset purchase program as soon as next month mounted after official data last week showed that the U.S. economy added 204,000 jobs in October, much more than the 125,000 increase forecast by economists.
The Fed’s stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
During late Asian trade, Hong Kong's Hang Seng Index tumbled 1.7%, Australia’s ASX/200 Index ended 1.37% lower, while Japan’s Nikkei 225 Index closed down 0.15%.
In Hong Kong, the Hang Seng dropped to a ten-week low after a four-day summit of China's top Communist Party leaders, known as the Third Plenum, failed to provide a clear direction on policy over the coming decade.
A statement released followed the conclusion of the meeting on Tuesday said policymakers will create a new committee to "deepen reforms" to allow the free market to play a larger role in the economy.
The China banking sector were among the biggest losers on the index, with China Construction Bank shares falling 2.9%, Industrial and Commercial Bank of China tumbling 3.1% and China Minsheng Bank retreating 3.2%.
Meanwhile, in Tokyo, the Nikkei inched lower as traders monitored movements in the currency market.
USD/JPY fell to hit a session low of 99.41, moving off the previous day’s high of 99.78. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, dampening the outlook for export earnings.
In earnings news, Sumitomo Mitsui Financial Group saw shares climb 1.65% after the lender raised its full-year net profit forecast to JPY750 billion from JPY580 billion.
Elsewhere, In Australia, the ASX/200 Index ended lower as losses in the banking sector weighed on the benchmark index.
National Australia Bank shares dropped 2.45%, while ANZ Banking Group and Westpac Banking Group declined 2.1% and 1.8%. Commonwealth Banking Group fell 2.3%.
Looking ahead, European stock market futures pointed to a lower open.
The EURO STOXX 50 futures pointed to a loss of 0.4% at the open, France’s CAC 40 futures dipped 0.3%, London’s FTSE 100 futures indicated a drop of 0.6%, while Germany's DAX futures pointed to a loss of 0.3% at the open.
Investors were turning their attention to Thursday’s Senate hearing to confirm Janet Yellen as the first chairwoman of the Federal Reserve, for indications on the future course of U.S. monetary policy.
Speculation that the Fed may start to taper its USD85 billion-a-month asset purchase program as soon as next month mounted after official data last week showed that the U.S. economy added 204,000 jobs in October, much more than the 125,000 increase forecast by economists.