Asian equities closed mixed in choppy trading Thursday, as traders braced for a highly-anticipated European Central Bank meeting.
Economists surveyed by Reuters expect the European Central Bank to cut its main refinancing rate to 0.1 percent and launch a package of other stimulus measures at the conclusion of its policy review at 7:45 pm SIN/HK.
"We need to be cognizant that traders are looking out for a lowering of the rates 'corridor' (i.e. a cut to the lending, refinancing and deposit rate), however the ECB's inflation expectations are also in focus and likely to be lowered, with Draghi's press conference focusing on more unconventional policy easing. The conference is where we look out for a new capital injection into banks or measures to expand excess liquidity in the region," said Chris Weston, chief market strategist at IG.