Asian shares mixed after S&P 500 slips ahead of Fed interest rate decision

 

Hong Kong, Oct. 30 (BNA): Asian shares were mixed on Monday ahead of a Federal Reserve decision this week on interest rates.


Oil prices fell more than $1 a barrel.


A mixed set of economic reports Friday did not appear to alter Wall Street’s expectations that the Federal Reserve will keep its benchmark rate of above 5.25% unchanged at a meeting on Wednesday, the Associated Press (AP) reported.


U.S. consumer expectations for inflation in the coming year are rising, up to 4.2% from 3.2% last month. That is particularly concerning for the Fed, which fears such expectations could lead to a vicious cycle that worsens high inflation.


The Shanghai Composite index rose 0.3% to 3,025.76.


Australia’s S&P/ASX 200 slipped 0.8% to 6,772.90.


South Korea’s Kospi added 0.3% to 2,310.55. Taiwan’s Taiex edged up 0.1%, and the SET in Bangkok was up less than 0.1%.


Stocks stumbled Friday on Wall Street. The S&P 500 fell 0.5%, 10% below the peak it reached in July.


The Dow Jones Industrial Average fell 1.1%, and the Russell 2000 index of smaller company stocks slipped 1.2%, closing at its lowest level in about four years.


The Nasdaq was the bright spot in the market, gaining 0.4%.


Amazon rose 6.8% following its profit report. Both its profit and revenue for the summer were better than expected. 


Intel was also helping to support the market. It rose 9.3% after reporting a much stronger profit for the summer than analysts expected.

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Ford stumbled 12.2% after reporting disappointing earnings and revenue a day after it reached a tentative contract agreement with the United Auto Workers union.


In currency trading, the U.S. dollar fell to 149.56 Japanese yen from 149.59 yen. The euro cost $1.0561, falling from $1.0567 late Friday.

 

R.S.






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