Stock market today: World shares are mixed as markets await a rate decision by the Fed
Asian shares have closed mostly higher while European markets opened lower as investors awaited the latest signals from the Federal Reserve on the timing of cuts to interest rates
HONG KONG — Asian shares closed mostly higher while European markets opened lower Wednesday as investors awaited the latest signals from the Federal Reserve on the timing of cuts to interest rates.
The FTSE 100 in London slipped 0.1% to 7,729.13 after British inflation in February came in below expectations at 3.4%, marking its lowest level since September 2021. That supports hope for rate cuts in coming months.
Germany’s DAX shed 0.1% to 17,979.22 and the CAC 40 in Paris lost 0.6% to s8,149.06.
The futures for the S&P 500 and the Dow Jones Industrial Average both edged 0.1% lower.
Japan’s markets were closed for a holiday. On Tuesday, the Bank of Japan hiked its benchmark interest rate for the first time in 17 years, raising the rate to a range of zero to 0.1% from minus 0.1%.
The U.S. dollar rose against the Japanese yen after the BOJ's comments on its decision suggested that a wide gap between interest rates in the United States and in Japan will persist for the foreseeable future. The dollar rose to 151.46 yen from 150.87 yen, trading at its highest level in four months.
The Hang Seng in Hong Kong gained 0.2% to 16,557.26, and the Shanghai Composite index was up 0.6% at 3,079.69.
China left its benchmark lending rates unchanged on Wednesday, as expected. While the economy is showing signs of improvement, the property market remains precarious.
Elsewhere, Australia’s S&P/ASX 200 dropped 0.1% to 7,695.80, while the Kospi in South Korea advanced 1.3% to 2,690.14, Taiwan’s Taiex lost 0.4%.
On Tuesday, the S&P 500 rose 0.6% to 5,178.51,
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