By V. Phani Kumar, MarketWatch
HONG KONG (MarketWatch) -- Japanese stocks rose Wednesday after
the S&P 500 snapped its loss streak overnight in the U.S., but
South Korean and Australian shares fell in choppy trade as
investors awaited clues on the Federal Reserve's policy
outlook.
The benchmark Nikkei Stock Average gained 0.3% in Tokyo, a day
after it tumbled 2.6% amid rising U.S. Treasury yields and mounting
worries about the impact on emerging markets from a potential
reduction in the Federal Reserve's monthly bond purchases.
Australia's S&P/ASX 200 slipped 0.1% in choppy trading after
mining giant BHP Billiton Ltd. reported a sizeable drop in annual
profit, while South Korea's Kospi shed 0.4%, with both reversing
early gains.
Overall, Asia trade was cautious ahead of the release of the
minutes of the Federal Open Market Committee's last meeting, due
later Wednesday in the U.S.
"Tonight [in Asia when the Fed minutes are released] will be
crucial in determining whether the theme of bond-market volatility
will continue, seeing yields possibly surge higher and place added
pressure on global market participants," said Rivkin Securities
analyst Tim Radford.
The S&P 500 (SPX)halted its longest losing streak of 2013
Tuesday following better-than-expected earnings from retailers such
as Best Buy Co. (BBY), although the Dow Jones Industrial Average
(DJI) slipped for a fifth straight trading day.
Gains in Tokyo were led by a 1.8% rise in Mitsubishi Estate Co.
(MITEY), and a 3.8% advance for technology firm Tokyo Electron Ltd.
(TOELY).
Japan Tobacco Inc. (JAPAF) climbed 0.9% after the Nikkei
newspaper reported the company will look for large acquisitions and
lift its dividend payouts from the fiscal year beginning April 1,
2015.
Shares of Sony Corp. (SNE) rose 1%, following news its
PlayStation 4 videogame console will be available at North American
stores from Nov. 15.
In Sydney, meanwhile, shares of BHP Billiton (BHP) fell 2.1%
after the mining giant reported a 30% drop in profit for the fiscal
year ended June 30 amid subdued commodity prices.
Woodside Petroleum Ltd. (WOPEY) shed 1.5% after the energy
producer cut its projection for full-year output, even as it posted
a 7.5% increase in profit for the first half of the year.
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