Shanghai stock exchange
The Shanghai Composite Index fell by 0.12% during midday trading hours Reuters

Markets had shrugged off Moody's downgrade of China during midday trading hours on Wednesday (May 24).

The credit ratings agency downgraded China's long term local currency and foreign currency ratings to A1 from Aa3. Concerns over the nation's mounting debt problem were reasoned for the downgrade.

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The USD/CNY spot exchange rate has increased by 0.06%.

The Brent Crude increased by 0.33% to $54.33 (£41.62) per barrel in the buildup to the OPEC-Russia meeting on Thursday, reflecting an optimistic sentiment on the agreement for managing the oil supply glut.

Investor anxiety over geopolitical uncertainties has abated for now. However, sentiments might change after former FBI head James Comey's scheduled testimony after Memorial Day (May 29), where details of US President Donald Trump's involvement with Russia are expected to surface.

The following index quotes were logged on 8:14 am BST:

Japan: Nikkei-Up by 0.66% to 19,742.98

The Cabinet revealed that Japan's leading index registered a 21-month high of 105.5 in March from 104.7 in February. The leading index is a measure of future economic activity.

Beleaguered electronics conglomerate Toshiba Corp (+8.36%) emerged as the index's strongest performers.

Hong Kong: Hang Seng-Down by 0.09% to 25,379.93

Cathay Pacific Airways (+4.88%) and Li Ka-Shing owned CK Hutchinson Holdings (+1.10%) registered strong gains during midday.

Internet giant Tencent Holdings (-1.45%) and multinational technology firm Lenovo Group (-0.61%) were some of the index's weakest performers.

China: Shanghai Composite-Down by 0.12% to 3,058.362

Australia: S&P/ASX-Up by 0.15% to 5,768.95

Singapore: Straits Times Index-Up by 0.25% to 3,230.62

India: Sensex-Up by 0.22% to 30,433.30