Asian markets continued searching for direction on Wednesday as traders awaited news expected on Thursday, including the European Central Bank review, results from the U.K. election and testimony from former FBI Director James Comey to the Senate.
Japan’s Nikkei 225 Index was down 0.19 percent and Hong Kong’s Hang Seng Index struggled to go 0.04 percent higher, while Chinese markets were the clear winners of the day. The Shanghai Composite was up 0.93 percent while the Shenzhen Composite soared 1.552 percent.
Safe-haven assets also traded relatively flat with spot gold edging down slightly to $1,291.03 after hitting a seven-week high on Tuesday afternoon. Gold has gained nearly seven percent in the past month. The yen which has recently been enjoying safe-haven status hit seven-week highs against the dollar, trading at 109.58 as of 6:00 a.m. GMT.
The Australian dollar hit a one-month high on Wednesday morning after first-quarter growth numbers exceeded investors’ expectations. The Aussie was up 0.45 percent to 0.754 before the U.K. open.
Oil prices continued to struggle as well, with Brent crude trading down 0.12 percent to $50.06 per barrel and U.S. WTI futures down 0.15 percent to $48.12 per barrel. Oil prices were supported somewhat by the ongoing tension in the Middle East and the problems facing Qatar. On Tuesday U.S. President Donald Trump voiced his support for the cuts made with Qatar by other countries earlier this week. Turkey and Kuwait offered to help mediate a conflict resolution.