Monday, 23 October, 2017

Asian shares slip as investors await Fed meeting for rate clues

World Stocks Reach New Peak as Fed-Focused Week Begins Asia stocks hit decade high, dollar firm before Fed meeting
Laurie Berry | 23 September, 2017, 22:31

After leaving its benchmark rate at a record low for seven years after the 2008 crisis, the Fed has modestly raised the rate four times since December 2015 to a still-low range of 1 percent to 1.25 percent.

Spreadbetters expected Britain's FTSE to start unchanged and Germany's DAX and France's CAC to each open down about 0.1 percent. Australia's S&P/ASX 200 edged down 0.1 percent to 5,713.60. South Korea's Kospi lost 0.2 percent to 2,413.48.

TOKYO, Sept 19 (Reuters) - Asian shares slipped on Tuesday, hobbled by uncertainty as traders awaited a Federal Reserve meeting for clues on USA monetary policy, though sentiment was supported by record highs on Wall Street.

FED WATCH: At the end of its two-day meeting on Wednesday, the Federal Reserve is widely expected to announce that it will begin to reduce its enormous bond portfolio, which reached $4.5 trillion. However, Hong Kong eased 0.2 percent after a more than one percent jump Monday, while Seoul dipped 0.1 percent.

Higher U.S. yields bolstered the greenback, with the benchmark 10-year note yield notching a one-month high of 2.237 percent overnight.

It is expected to keep rates on hold, but investors will be watching for fresh hints on the chances of another rate rise this year and how many could be expected in 2018.

TN Forest Minister says 'all ministers had lied about Jayalalithaa's health'
The claims come at a time when Chief Minister Edappadi Palanisamy has ordered a judicial probe into the death of Jayalalithaa. Beyond that no one was allowed. "The truth is that nobody saw her".

Currency markets had a muted reaction to U.S. President Donald Trump's speech to the U.N. General Assembly on Tuesday, in which he said the United States will be forced to "totally destroy" North Korea unless Pyongyang backs down from its nuclear challenge.

On Wall Street on Monday, the Dow Jones Industrial Average closed at a record high for the fifth straight session, and the S&P 500 marked its second straight closing record high, as higher U.S. Treasury yields helped lift financial shares.

The euro was 0.2 percent higher at $1.1980. The move will gradually increase long-term borrowing rates. The Nasdaq composite added 0.1 percent to 6,461.32.

Analysts expect US central bank policymakers to say at the end of their two-day meeting later on Wednesday that they will reduce monthly bond purchases starting in October, and also leave the door open for an interest rate hike at their December 12-13 meeting. It rose 2 cents to $49.91 a barrel on the New York Mercantile Exchange on Monday. US crude () eased 9 cents to $49.80 a barrel.

In commodities, oil prices rose after Iraq's oil minister said OPEC and other crude producers were considering extending or even deepening a supply cut to curb a global glut, while a report showed a smaller-than-expected increase in USA inventories.

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