Indonesia’s central bank delivered its first rate cut in more than three years on Wednesday, just hours ahead of the widely expected start of the U.S. Federal Reserve’s easing cycle in efforts to bolster growth in Southeast Asia’s largest economy.
The Japanese yen was the best performer in Asia as it rebounded sharply from some overnight losses against the greenback. The yen remained in sight of 2024 peaks hit earlier this week, with a Bank of Japan meeting on tap later this week.
U.S. crude stocks rose by 1.96 million barrels in the week ended Sept. 13, market sources said on Tuesday citing American Petroleum Institute figures. Gasoline and distillates inventories also increased.
Bitcoin’s price rose on Wednesday in anticipation of an interest rate cut by the Federal Reserve, while data showing an improvement in capital flows into spot exchange-traded funds also aided sentiment.
Shares in several Chinese companies linked to the semiconductor industry surged on Wednesday, driven by investor excitement over a government list that some interpret as signaling progress in China’s efforts to develop domestic chipmaking technology.
