Associated Press
4:13 pm | Wednesday, March 19th, 2014
AP FILE PHOTO
SEOUL — Asian stock markets were subdued Wednesday ahead of the outcome of the Federal Reserve’s first policy meeting under its new chief.
The Asian heavyweight index, Tokyo’s Nikkei 225, was up 0.4 percent to 14,462.52 bouncing back from earlier loss. Australia’s S&P/ASX 200 gained 0.2 percent to 5,355.60.
But China’s Shanghai Composite Index dropped 0.5 percent to 2,016.05. South Korea’s Kospi was down 0.1 percent to 1,937.68 and Hong Kong’s Hang Seng shed 0.1 percent to 21,558.84.
The U.S. Federal Reserve ends a two-day policy meeting Wednesday, the first headed by new governor Janet Yellen.
Most analysts expect the Fed to continue to reduce its monetary stimulus at the speed it has already set, trimming its monthly bond purchases by $10 billion. It is also expected to revise its economic forecasts.
Investors should pay attention to how much the Fed cuts its economic forecasts and how it changes its guidance for when to increase the federal funds rate, said Chris Weston, chief market strategist at Melbourne, Australia-based IG. How the Fed views the latest wage growth data and if it mentions the improvement in employment would also be important, he said.
In Europe and on Wall Street, stock markets were boosted Tuesday by relief over narrower-than-expected Western sanctions on Russia after its military intervention in Crimea and annexation of the Ukrainian region. Housing reports from the U.S. Commerce Department also underpinned investor sentiment.
The Standard & Poor’s 500 rose 13.42 points, or 0.7 percent, to 1,872.25 on Tuesday. The Dow Jones industrial average rose 88.97 points, or 0.6 percent, to 16,336.19. The Nasdaq composite climbed 53.36 points, or 1.3 percent, to 4,333.31.
In energy markets, benchmark U.S. crude for April delivery declined 26 cents to $99.44 in electronic trading on the New York Mercantile Exchange. The contract gained $1.62 to $99.70 on Tuesday on expectations that the solid U.S. economic outlook would increase oil demand.
In currency markets, the euro fell to $1.3926 from $1.3933. The dollar rose to 101.54 yen from 101.43 yen.
RELATED STORIES
Stocks gain for second session
US stocks rise despite Russia’s Ukraine move
Follow Us
Other Stories:
Recent Stories:
Short URL: http://ift.tt/1g9GTO8
Tags: Asian stocks , Business , economy , Federal Reserve , Stock Activity , Stock Market
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
seo tools
No comments:
Post a Comment