Stock market today: Asian shares decline ahead of Fed decision on rates
Asian shares are mostly lower as markets await a decision by the Federal Reserve on interest rates
TOKYO — Asian shares declined Wednesday as markets awaited a decision on interest rates by the Federal Reserve.
Japan's Nikkei 225 fell 0.6% to 33,055.98. Australia's S&P/ASX 200 slipped 0.6% to 7,155.10. South Korea's Kospi edged down 0.3% to 2,551.95. Hong Kong's Hang Seng dipped 0.3% to 17,935.72, while the Shanghai Composite shed 0.3% to 3,117.25.
Trade data for Japan showed exports fell 0.8% last month from a year ago, marking the second straight month of declines, as exports to China lagged, dropping 11%. Japan's exports to the U.S. rose 5.1%, while exports to Europe surged 12.7%. By product category, auto exports zoomed 40.9%, while those of semiconductors rose 8.1%, according to Finance Ministry data.
“We think the weak recovery in China will continue to have a negative impact on exports for a while, but semiconductors seem like they are bottoming out from the down cycle," Robert Carnell, regional head of research Asia-Pacific at ING, said in a report.
He said the strong contribution to economic growth in the April-July quarter was expected to weaken in this quarter.
In an update on the Chinese economy, officials in Beijing acknowledged challenges in boosting growth in the worlds No. 2 economy, but told reporters they were confident that a recovery was underway and that they had the capacity to ensure stability of financial markets.
On Wall Street, the S&P 500 slipped 0.2% to 4,443.95. The Dow Jones Industrial Average dropped 0.3% to 34,517.73, and the Nasdaq composite lost 0.2% to 13,678.19.
Markets have see-sawed for weeks on uncertainty about whether the Fed is done with its market-shaking hikes to interest
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