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Asian stocks uneven as uncertainty weighs ahead of ECB meet

People walk past the electronic board of a securities firm showing Japan's benchmark Nikkei 225 index in Tokyo, Wednesday, March 9, 2016. Most major Asian stock benchmarks weakened Wednesday on investor uncertainty over what steps policymakers would take at an upcoming European Central Bank meeting to revive economic growth on the continent. (AP Photo/Shizuo Kambayashi) People walk past the electronic board of a securities firm showing Japan's benchmark Nikkei 225 index in Tokyo, Wednesday, March 9, 2016. Most major Asian stock benchmarks weakened Wednesday on investor uncertainty over what steps policymakers would take at an upcoming European Central Bank meeting to revive economic growth on the continent. (AP Photo/Shizuo Kambayashi)

By Associated Press March 9, 2016 2 min read

HONG KONG (AP) – Asian stocks traded unevenly Wednesday as investors were uncertain about the steps policymakers would take to help revive flagging growth during this week’s widely anticipated European Central Bank meeting.

KEEPING SCORE: Japan’s benchmark Nikkei 225 index lost 0.8 percent to 16,642.20 while South Korea’s Kospi rose 0.3 percent to 1,952.95 after early losses. Hong Kong’s Hang Seng shed 0.5 percent to 19,907.07 and the Shanghai Composite Index in mainland China retreated 2.1 percent to 2,841.95. Australia’s S&P/ASX 200 gained 1 percent to 5,157.20, while markets in Southeast Asia were mixed.

ECB IN FOCUS: Investors are focused on the European Central Bank’s policy meeting on Thursday. Many analysts expect the bank to open the stimulus taps further based on hints from ECB chief Mario Draghi and economic data that showed inflation across the 19-country eurozone has slipped under zero. The ECB could send deposit rates further into negative territory or step up a bond buying program. The most likely scenario is a cut to deposit rates, which could give banks an incentive to lend more.

QUOTEWORTHY: “Tomorrow’s ECB meeting also gives traders a reason to be cautious,” said Ric Spooner, chief market analyst at CMC Markets. “Markets are expecting significant action from the ECB. Many see this as ECB’s last chance to provide a stimulus shock,” he said, describing the bank’s actions as a potential source of market volatility.

CHINA CONCERN: Lingering worries over China are darkening sentiment. Data released Tuesday showed that exports in the world’s No. 2 economy slid 25 percent last month from a year earlier, as weak global demand and the Lunar New Year holiday shutdowns took their toll. Imports also skidded 14 percent lower.

WALL STREET: Major U.S. benchmarks closed lower, with the Dow Jones industrial average down 0.6 percent to close at 16,964.10 and the S&P 500 falling 1.1 percent to 1,979.26. The Nasdaq composite gave up 1.3 percent to 4,648.82.

ENERGY: Benchmark U.S. crude rose 25 cents to $36.75 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.40 to settle at $36.50 a barrel on Tuesday. Brent crude, which is used to price international oils, added 23 cents to $39.88 a barrel in London.

CURRENCIES: The dollar slipped to 112.55 yen from 112.58 yen. The euro weakened to $1.0977 from $1.0998.