Asian shares mixed as markets mull Fed, geopolitical risk - InfoNews

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Asian shares mixed as markets mull Fed, geopolitical risk

A woman walks past an electronic board showing Hong Kong share index outside a local bank in Hong Kong, Thursday, April 12, 2018. Asian shares were mixed Thursday as investors digested the latest Fed minutes while geopolitical concerns overshadowed sentiment after President Donald Trump struck a defiant tone on the Middle East conflict.(AP Photo/Vincent Yu)
April 11, 2018 - 8:57 PM

HONG KONG - Asian shares were mixed Thursday as investors digested the latest Fed minutes while geopolitical concerns overshadowed sentiment after President Donald Trump struck a defiant tone on the Middle East conflict.

KEEPING SCORE: Japan's benchmark Nikkei 225 stock index dipped 0.2 per cent to 21,646.15 while the Kospi in South Korea edged up 0.1 per cent to 2,446.05. Hong Kong's Hang Seng fell 0.3 per cent to 30,796.81 but the Shanghai Composite in mainland China slipped 0.6 per cent to 3,188.97. Australia's S&P/ASX 200 lost 0.4 per cent to 5,808.20. Indexes in Taiwan, Singapore and Indonesia also lost ground.

FED MINUTES: At its most recent meeting in March, Federal Reserve policymakers said they felt the U.S. central bank might have to raise interest rates faster than expected to keep up with quickening economic growth and rising inflation that's coming close their 2 per cent target, according to the latest minutes. Some officials also thought they might have to focus on slowing the economy to keep inflation under control.

TRUMP TALK: In a tweet, Trump suggested that he wanted to retaliate against Russia after the recent suspected chemical attack. Separately, Saudi Arabia said it intercepted missiles fired by rebels in Yemen as well as drones that targeted an oil facility. The prospect of escalating conflict in the Middle East has sparked fears about tighter oil supplies, driving crude prices to their highest since December 2014.

MARKET INSIGHT: "With the war drums quietly beating in the White House, markets tend to ignore the 'run of the mill' type issues like FOMC minutes," said Stephen Innes, head of Asian trading at OANDA.

WALL STREET: The S&P 500 index fell 0.6 per cent to 2,642.19 after Tuesday's 1.7 per cent surge. The Dow Jones industrial average slid 0.9 per cent to 24,189.45. The Nasdaq composite lost 0.4 per cent to 7,069.03.

ENERGY: Oil futures climbed to a fresh three-year high. Benchmark U.S. crude rose 29 cents to $67.11 a barrel in electronic trading on the New York Mercantile Exchange. The contract climbed 2 per cent to settle at $66.82 a barrel on Wednesday. Brent crude, used to price international oils, gained 24 cents to $72.30 a barrel in London.

CURRENCIES: The dollar rose to 106.85 yen from 106.79 yen in late trading Wednesday. The euro was flat at $1.2369.

News from © The Associated Press, 2018
The Associated Press

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