OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 27 points.
China’s Huawei secured a commitment to build part of Germany’s 5G infrastructure, strengthening its position in Europe’s largest economy despite calls from lawmakers to bar it.
Shares of big oil and gas producers dropped after Chevron wrote down the value of its assets by more than $10 billion and lowered its forecast for commodity prices.
Each Market in Focus
The S&P/ASX 200 advanced 0.7% to 6752.6, settling at the session high after a spike in the final minutes of trading. It leaves the index about 2.0% more to run to reclaim the all-time high hit at the end of last month.
Utilities led the gains, supported by resources shares and the four biggest banks. Only technology and property stocks struggled, with the sectors losing 0.8% and 0.4%, respectively.
U.S. stocks edged higher intraday after the Federal Reserve announced it was holding its benchmark interest rate steady and signaled no appetite to raise it soon.
The S&P 500 was up 0.2% and the Nasdaq Composite up 0.3%, slightly higher than their levels before the announcement. The Dow Jones Industrial Average, weighed down by declines in shares of Chevron and Home Depot , reversed earlier losses to be up less than 0.1%.
After gold futures settled for the session, the Fed said it would leave its short-term fed funds rate at a range of 1.5% to 1.75%.
Oil prices declined after data from OPEC and the U.S. signaled the world will remain flooded with oil into next year.
The Organization of the Petroleum Exporting Countries on Wednesday forecast that oil supply from countries outside the cartel will remain robust in 2020.
The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, fell to 90.22 from 90.56.
The decline comes following backing from House Democrats on a new trade deal with Mexico and Canada that sets the agreement on course for likely ratification by Congress in 2020.
In Europe, the U.K.’s FTSE 250 equity index slipped 0.6% ahead of a general election that will help determine the course of the U.K.’s withdrawal from the European Union.
Some opinion polls show Prime Minister Boris Johnson’s lead narrowing, and a new, closely watched YouGov poll couldn’t rule out a hung Parliament. It showed that Mr.Johnson’s Conservative Party is set to win a majority of 28 seats, down from a 68-seat majority forecast in a survey last month.
The Shanghai Composite Index closed up 0.2% as investors continue to parse headlines for indications on the progress of the U.S.-China trade talks, after the The Wall Street Journal reported that negotiators from both sides are preparing to delay fresh U.S. tariffs on Chinese imports due to go into effect on Dec. 15.
Hong Kong’s Hang Seng Index ended the session 0.8% higher at 26645.43. Developers led the gains, as China Resources Land rose 2.4% and Wharf REIC advanced 2.3%.
Japanese stocks ended lower, weighed by declines in electronics and bank stocks, as caution persisted ahead of the U.S. central bank rate decision.