Asian shares mixed

By AFP
October 29, 2013

HONG KONG: Asian markets were mixed on Tuesday, with Wall Street providing a soft lead, as traders await a US Federal Reserve...

HONG KONG: Asian markets were mixed on Tuesday, with Wall Street providing a soft lead, as traders await a US Federal Reserve policy meeting for an idea about its plans for its stimulus programme.

The dollar also moved in a tight range against the yen and euro as investors hold off making any big bets before the bank's board decision.

Tokyo eased 0.20 percent and Sydney shed 0.22 percent while Hong Kong added 0.54 percent. Shanghai was up 0.71 percent and Seoul put on 0.17 percent.

While analysts widely expect the Federal Open Market Committee (FOMC) to keep its $85 billion a month stimulus in place, they will be poring over Wednesday's announcement for clues as to when it will start winding down.

The bank had been expected to begin tapering by the end of this year but a weak set of data -- including soft jobs growth -- and this month's two-week government shutdown has made that highly unlikely.

Most traders expect a reduction in bond-buying to begin early next year.

The likelihood of the wind-down being put off increased on Monday, with disappointing US pending home sales numbers.

Next Story >>>

More From Business