Stocks mostly down as investors await next Fed leader

seoul — Global stock markets were mostly lower on Thursday as investors awaited President Donald Trump’s announcement on his choice to lead the Federal Reserve. Some markets were pressured by investors locking in profits from recent gains. Britain’s FTSE 100 was flat at 7,487.22 while Germany’s DAX fell 0.2 per cent to 13,444.80. France’s CAC 40 was also flat at 5,514.46. Futures augured a tepid start on Wall Street. S&P futures slipped 0.2 per cent while Dow futures dipped 0.1 per cent.

Asian markets closed mostly weaker. Tokyo’s Nikkei 225 bucked the trend in the region, gaining 0.5 per cent to 22,539.12. South Korea’s Kospi fell 0.4 per cent to 2,546.36, ending a four session winning streak.

Hong Kong’s Hang Seng index shed 0.3 per cent to 28,518.64 while the Shanghai Composite Index fell 0.4 per cent to 3,383.31. Australia’s S&P/ASX 200 edged 0.1 per cent lower to 5,931.70. Stocks in Singapore elsewhere in Southeast Asia were mixed. The Federal Reserve kept its interest rates steady at their low levels as widely expected. It upgraded its outlook for the US economy, saying that the world’s largest economy is rising “at a solid rate,” a term stronger than “moderate” rate used in September.

That reinforced the belief the Fed will hike interest rates in De- cember. President Donald Trump was expected to name a successor to Fed Chair Janet Yellen later Thursday.

At a Cabinet meeting on Wednesday, Trump indicated it would be a “new head,” not Yellen“I think you’ll be extremely impressed by this person,” Trump said, according to a White House transcript of the meeting .