Asian stocks lower as markets mull Fed

Published: May 03, 2018 10:34:16 | Updated: May 04, 2018 12:53:10


Asian shares were mostly lower Thursday as investors analyzed the Fed's decision to stand pat on interest rates.

The focus was turning to talks beginning Thursday between US and Chinese officials in Beijing aimed at resolving festering trade tensions.

Hong Kong's benchmark Hang Seng index slumped 1.9 per cent to 30,146.44 and South Korea's Kospi dipped 0.3 per cent to 2,498.45. The Shanghai Composite index fell 0.6 per cent to 3,064.33. Shares in Taiwan and Southeast Asia were lower.

However, Australia's S&P/ASX 200 advanced 0.8 per cent to 6,098.30.

Japan's markets were closed for a holiday, reports Reuters.

Major US benchmarks ended lower after a sell-off in the final hour of trading. The S&P 500 index fell 0.7 per cent to 2,635.67.

The Dow Jones industrial average lost 0.7 per cent to 23,924.98. The Nasdaq composite slid 0.4 per cent to 7,100.90.

Oil's rally fizzled. Benchmark US crude slipped 12 cents to $67.81 a barrel in electronic trading on the New York Mercantile Exchange.

The contract jumped 1.0 per cent to settle at $67.93 a barrel on Wednesday. Brent crude, the international standard, lost 15 cents to $73.21 per barrel in London.

The dollar weakened to 109.68 yen from 109.86 yen in late trading Wednesday. The euro rose to $1.1978 from $1.1952.

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