Shares were mostly lower in Asia on Wednesday, with markets in China, Japan and some other markets still closed for holidays.
Hong Kong’s Hang Seng HK:HSI dropped 1.2% while the Kospi KR:180721 in Seoul lost 0.3% . Australia’s S&P/ASX 200 AU:XJO edged 0.2% lower. Taiwan’s benchmark TW:Y9999 rose and most other regional markets were closed.Hong Kong’s Hang Seng HSI dropped 1.2% while the Kospi 180721 in Seoul lost 0.3% . Australia’s S&P/ASX 200 XJO edged 0.2% lower. Taiwan’s benchmark Y9999 rose and most other regional markets were closed.
“All eyes are peering toward the FOMC meeting and a rate hike is an absolute given,” Clifford Bennett, chief economist at ACY Securities, said in a commentary. But higher prices on everything from food to gas and clothing and on borrowing will likely slow consumer spending, crimping economic growth.Wall Street advanced Tuesday on hopes that the Fed won’t shock the markets with more aggressive monetary tightening plans than expected. Investors will be watching to see how Fed Chair Jerome Powell frames the future outlook, analysts said.
Bond yields were mixed. The yield on the 10-year Treasury fell to 2.97% from 2.99% late Monday. Treasury yields have been generally rising all year as investors prepare for higher interest rates, which will make borrowing money more expensive.
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