Economy

Most SE Asia stocks fall on profit-booking ahead of Fed meet

Most SE Asia stocks fall on profit-booking ahead of Fed meet”

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent after wobbling between positive and negative territory in early trading. German equivalents edged up less than a basis point to 0.45 per cent. Since December 2015, the Fed has modestly raised the rate four times.

"Now, the Fed printed about $4 trillion over the past several years and we barely have any inflation at all".

Stocks on Wall Street also rose, helped by gains for financials ahead of a Federal Reserve meeting this week.

Division among Fed officials about when to raise interest rates amid weaker-than-expected inflation has boosted gold prices in recent weeks because the precious metal struggles to compete with yield-bearing assets like Treasurys when borrowing costs rise. Lane reminded that future interest rate decisions will be dependent on economic data.

The dollar hovered close to an eight-week high against the yen, buoyed with U.S. Treasury yields having risen to one-month highs before the Fed's policy announcement.

Shares of Amazon.com were down 1.3 percent.

The dollar started the new week with growth backed by U.S. bond yields and the upcoming Federal Reserve session this week.

The dollar was 0.4 percent higher at 112.640 yen JPY=, its highest since July 18.

The euro edged up to touch $1.2019, its highest since September 11. The stock lost $6.64, or 4.2 percent, to $149.96.

Currency markets had a muted reaction to Trump's latest comments on North Korea.

Today, UK monthly retail sales are due along with a host of USA data including existing home sales, crude oil inventories as well as the conclusion FOMC's September meeting with its economic projections, statement, rate decision and press conference.

Energy companies rose along with the price of crude oil. It added 15 cents on Friday. Brent crude, used to price worldwide oils, gained $1.15, or 2.1 percent, to $56.29 a barrel in London.

Spot gold was up 0.3 per cent at $1,310.51 an ounce at 1345 GMT, off the previous day's low of $1,304.10.

This will mark the end of the Fed's expansive quantitative easing programme, which was hastily implemented in the wake of the financial crisis a decade ago, in an effort to try and stimulate the economy.

Indexes: Germany's DAX 30 index was slightly lower at 12,554.32, while France's CAC 40 index was up 0.1% at 5,233.54.

Japan's benchmark Nikkei 225 added 1.5 percent to 20,197.56 in early trading, coming off a national holiday Monday.

"With investors still re-evaluating the Federal Reserve's ability to raise US interest rates in December, attention will be directed towards Janet Yellen and her thoughts on the recent inflation trends in the USA", said Lukman Otunuga, research analyst at FXTM, in a note. Hong Kong's Hang Seng index slipped 0.1 percent to 28,072.92 and the Shanghai Composite in mainland China dipped 0.1 percent to 3,361.72.



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