Asian stocks mixed on Fed rate decision

Asian stocks were mixed on Wednesday, as traders mulled over the Federal Reserve’s interest rate decision and weaker-than-expected Japanese trade data.

Japan’s Nikkei 225 index fell 0.4 per cent to 21,025.10 while South Korea’s Kospi rose 0.6 per cent to 2,074.38. Hong Kong’s Hang Seng was 0.1 per cent higher at 25,835.66.

The Shanghai Composite index shed 0.3 per cent to 2,567.93. Australia’s S&P ASX 200 gave up 0.5 per cent to 5,560.30. Shares were higher in Taiwan and Southeast Asia, reports AP.

The broad S&P 500 index added 0.22 points to 2,546.16. The Dow Jones Industrial Average gained 0.4 per cent to 23,675.64 and the Nasdaq composite was up 0.4 per cent at 6,783.91.

The Russell 2000 index of smaller company stocks lost 0.1 per cent to 1,377.18. The index is 21 per cent off its peak set in August, past a level the Wall Street terms a “bear market.”

Oil prices bounced back slightly after plunging on worries about rising supplies and weakening global growth, which could weigh on demand.

Benchmark US crude gained 12 cents to $46.72 a barrel in electronic trading on the New York Mercantile Exchange. The contract, which has fallen almost 40 per cent since October, gave up $3.60 to $46.60 on Tuesday.

Brent crude, used to price international oils, added 34 cents to $56.60 a barrel. It lost $3.35 to $56.26 a barrel in London.

The dollar weakened to 112.39 yen from 112.52 yen in late trading Tuesday. The euro rose to $1.1387 from $1.1366.