Japan’s Topix index closed little changed, with construction shares leading gains and glass makers falling, as investor weighed what an unexpected contraction in American manufacturing means for the Federal Reserve’s interest-rate outlook.
The Topix index added less than 0.1 percent to 1,602.26 at the close of trading in Tokyo, after swinging between gains and losses. The Nikkei 225 Stock Average slipped 0.4 percent to 19,938.13, after closing on Tuesday at its highest level since Aug. 20. The yen traded at 123.07 per dollar after gaining 0.2 percent on Tuesday as an Institute for Supply Management report showed U.S. manufacturing shrank in November at the fastest pace since the last recession.
Japanese shares rose, driving the Nikkei 225 Stock Average to its highest close in three months, as builders, communication companies and consumer lenders led gains.
The Nikkei 225 added 0.5 percent to 19,944.41, closing in Tokyo at its highest level since Aug. 20. Volume on the gauge was 14 percent lower than the 30-day average. The broader Topix index climbed 0.5 percent to 1,602.32 as all but five of its 33 industry groups advanced.
Global stocks have rallied from a two-year low reached in September as investors became more comfortable with the idea of higher U.S. borrowing costs. Bets the Federal Reserve will end a seven-year period of near-zero interest rates when it meets next month remain above 70 percent amid expectations the European Central Bank will go the other way, by expanding its asset purchases. Data on U.S. durable goods orders on Wednesday rounded out a picture of stabilization in manufacturing, even as consumer spending rose less than forecast.
Source: Bloomberg Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â