2013.07.3107:12:33UTC+00Asian stocks trim losses before fed statement

Asian stocks trimmed losses as a rally fell in Chinese shares offset a decline in Japan before U.S. economic growth data and the finalization of the Federal Reserve policy assembly.

HTC Corp., Taiwan’s largest smartphone maker, plunged 6.7 percent after predicting an eighth consecutive pullback in quarterly sales amid intensifying competition. Kurita Water Industries Ltd. Gave up 6.8 percent in Tokyo after the supplier of water-treatment equipment reported lesser first-quarter earnings. SoftBank Corp. jumped 3.2 percent after the Japanese carrier that purchased Sprint Corp. recorded earnings that exceeded estimates.

Regional Gauges

Japan’s Topix index surrendered 0.3 percent, while the benchmark Nikkei 225 Stock Average gave up 0.8 percent. The Japanese yen bolstered as much as 0.2 percent versus the dollar today before exchanging with a slight move at 98.02 as of 12:01 p.m. in Tokyo. A stronger currency trims the overseas income of the nation’s exporters when repatriated.

China Rally

China’s Shanghai Composite Index obtained a 0.7 percent increase, moving toward its second day of advance. The nation’s ruling Politburo promised to stabilize development while pressing on with economic reforms after exports backed down by the most since the global financial crisis and manufacturing and investment cooled.

U.S. Futures

Futures on the S&P 500 Index increased 0.1 percent today ahead of a report economists forecast will display annualized growth slowed in the second quarter to 1 percent from 1.8 percent. The gauge climbed less than 0.1 percent in New York yesterday as investors analyzed corporate earnings and awaited results from the Fed’s two-day meeting.

Of the 152 companies on the MSCI Asia Pacific Index that posted results since July 1 and for which estimates are available, 55 percent exceeded analyst estimates, according to data compiled by Bloomberg. More than 100 members on the gauge are scheduled to report earnings today, including Panasonic Corp., Mitsubishi UFJ Financial Group Inc. and Honda Motor Co.