Asian stock markets are mostly higher on Wednesday, with investors trading cautiously as China's President Xi Jinping spoke at the beginning of the Communist Party's 19th National Congress, the most important political meeting of the party in the past five years. Investors are waiting for clues on future policy direction in the world's second-largest economy.
The Australian market is modestly higher, with investors treading cautiously following news that Rio Tinto has been charged with fraud by U.S. regulators. A weak quarterly production report from BHP Billiton also weighed on investor sentiment.
In late-morning trades, the benchmark S&P/ASX 200 Index is adding 14.10 points or 0.24 percent to 5,903.70, off a high of 5,905.20. The broader All Ordinaries Index is up 8.70 points or 0.15 percent to 5,966.80.
In the mining space, BHP Billiton is declining 0.4 percent, while Rio Tinto is adding 0.2 percent and Fortescue Metals is up 0.1 percent.
BHP Billiton reported a 3 percent decline in iron ore production for the September quarter, while its petroleum production fell 8 percent. However, the mining giant affirmed all its production and unit cost guidance for the 2018 financial year.
Rio Tinto and two of its former executives have been charged with fraud by U.S. regulators for allegedly inflating the value of an African coal business that cost the company a A$2.9 billion writedown.
Shares in Crown Resorts are losing more than 7 percent after whistleblowers claimed the casinos operator deliberately tampered with poker machines to increase losses.
Gold miners are mixed despite the fall in gold prices overnight. Newcrest Mining is declining 0.3 percent and Evolution Mining is rising almost 1 percent.
Oil stocks are weak after crude oil prices were flat overnight. Santos is down 0.4 percent and Oil Search is losing more than 1 percent, while Woodside Petroleum is edging up less than 0.1 percent.
Origin Energy said it will announce a target for emissions reduction across its business by December. The energy producer and retailer's shares are adding 0.6 percent.
In the banking space, ANZ Banking, National Australia Bank and Commonwealth Bank are higher in a range of 0.1 percent to 0.3 percent, while Westpac is lower by 0.2 percent.
APN Outdoor Group said it has appointed James Warburton as its CEO, effective January 22, 2018. The company's shares are unchanged.
Monash IVF Group has appointed David Morris as its chief executive officer and managing director, effective from November 13. Shares of the fertility treatment provider are also unchanged.
Brambles reported a 6 percent increase in sales revenue for the first quarter, aided by strong performance in the European pallets business and continued expansion of its IFCO business. The company's shares are rising more than 3 percent.
In economic news, the latest survey from Westpac Bank revealed that the Australian economy showed a slight rebound in September. The bank's leading index added 0.08 percent to a score of 97.43 in September. That follows the downwardly revised 0.1 percent decline in August.
In the currency market, the Australian dollar is steady against the U.S. dollar on Wednesday. In early trades, the local unit was trading at US$0.7847, up from US$0.7846 on Tuesday.
The Japanese market is higher for a twelfth straight day in choppy trade, with the fresh record highs overnight on Wall Street and a slightly weaker yen boosting investor sentiment.
In late-morning trades, the benchmark Nikkei 225 Index is adding 23.54 points or 0.11 percent to 21,359.66, off a high of 21,400.60 earlier.
The major exporters are mostly higher on a weaker yen. Panasonic is rising 0.4 percent, Canon is up almost 1 percent and Sony is advancing more than 1 percent, while Mitsubishi Electric is down 0.4 percent. Kobe Steel's shares are losing more than 2 percent.
Among automakers, Toyota is adding 0.7 percent and Honda is rising 0.2 percent. In the banking sector, Mitsubishi UFJ Financial is declining 0.4 percent, while Sumitomo Mitsui Financial is edging up less than 0.1 percent.
In the oil space, Inpex is adding 0.2 percent, while Japan Petroleum is declining 0.3 percent.
Among the best performers, J Front Retailing is rising more than 2 percent, while Astellas Pharma and Nikon Corp. are advancing almost 2 percent each.
On the flip side, Toho Zinc and Nippon Yusen are losing more than 3 percent each, while Mitsui Mining & Smelting is down more than 2 percent.
In the currency market, the U.S. dollar is trading in the lower 112 yen-range on Wednesday.
Elsewhere in Asia, Shanghai, New Zealand and Hong Kong are modestly higher, while South Korea, Indonesia and Taiwan are edging lower. The markets in Malaysia and Singapore will be closed on Wednesday for Deepavali.
On Wall Street, stocks closed at record highs despite choppy trading after traders seemed reluctant to make more significant moves as the earnings season just begins to pick up steam. Traders largely shrugged off some upbeat economic data, including a report from the Federal Reserve showing industrial production rebounded by slightly more than expected in the month of September.
While the tech-heavy Nasdaq edged down 0.35 points or less than a tenth of a percent to 6,623.66, the Dow edged up 40.48 points or 0.2 percent to 22,997.44 and the S&P 500 inched up 1.72 points or 0.1 percent to 2,559.36.
The major European markets moved modestly lower on Tuesday. While the French CAC 40 Index closed just below the unchanged line, the U.K.'s FTSE 100 Index and the German DAX Index both edged down by 0.1 percent.
Crude oil futures were flat on Tuesday. WTI crude edged up $0.1 to settle at $51.88 a barrel on the New York Mercantile Exchange.
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