Asian stocks flat as investors await Fed meeting results
SEOUL, South Korea (AP) -- Asian stock markets were little changed on Wednesday as investors took to the sidelines ahead of the Federal Reserve's announcement of the result of its meeting.
KEEPING SCORE: is widely expected Japan's Nikkei 225 to announce was flat at 20,298.80 that it will begin to and South Korea's reduce its enormous Kospi edged down 0.1 bond portfolio, which percent to 2,413.63. reached $4.5 trillion. Hong Kong's Hang The move will gradually Seng index added 0.3 increase longterm percent to 28,117.50. borrowing rates. China's Shanghai While shrinking the Composite Index Fed's balance sheet is added 0.1 percent to much expected, when 3,359.74. Australia's and how the Fed will S&P/ASX200fell0.2 manipulate its target percent to 5,701.10. for short-term interest Stocks in Southeast rates is less clear. After Asia were mixed. leaving its benchmark
FED WATCH: At rate at a record the end of its two-day low for seven years meeting on Wednesday, after the 2008 crisis, the Federal Reserve the Fed has modestly raised the rate four times since December 2015 to a still-low range of 1 percent to 1.25 percent.
ANALYST'S TAKE: "The Fed's view will likely play the key role in driving price action. Investors are likely to look past the Fed's interest rate decision and even the plan to shrink the Fed's balance sheet, focusing primarily upon the Fed's forward guidance," said Jingyi Pan, a market strategist at IG in Singapore. "This could come in multiple forms such as the Fed's economic projections, statement and also Fed chair Yellen's testimony."
WALL STREET: U.S. stock markets finished with a slight gain on Tuesday. The Standard & Poor's 500 index rose 0.1 percent to 2,506.65. The Dow Jones industrial average gained 0.2 percent to 22,370.80. The Nasdaq composite added 0.1 percent to 6,461.32. The Russell 2000 index of smaller-company stocks declined 0.1 percent, to 1,440.40.
OI L: Benchmark U.S. crude added 35 cents to $50.25 per barrel on the New York Mercantile Exchange. The contract fell 45 cents to settle at $49.90 a barrel on Tuesday. Brent crude, used to price international oils, gained 24 cents to $55.38 per barrel in London.
CURRENCIES: The dollar fell to 111.54 yen from 111.58 yen. The euro strengthened to $1.2009 from $1.1996.