Asian shares mixed as Nikkei rises on yen, muted elsewhere

Asian shares mixed as Nikkei rises on yen, muted elsewhere”

It's set to make its interest rate decision on Thursday.

High-dividend stocks like utilities and household goods makers fell.

He added that Japanese stocks tended to move in line with USA yields. South Korea's Kospi lost almost 0.1 percent to 2,416.05.

The Dow Jones Industrial Average .DJI rose 39.45 points, or 0.18 percent, to 22,370.8, clocking its sixth straight record close.

That nudged MSCI's index of world stocks to a new all-time high while futures prices pointed to a new record high on Wall Street.

In early European trade London rose 0.5 percent, Paris gained 0.3 percent and Frankfurt put on 0.6 percent.

Trading on Wall Street had been mostly subdued this week ahead of the Fed's announcement.

That said, the accompanying statement may offer the details of how the central bank plans to start shrinking its $4.5 trillion balance sheet.

The Fed has modestly raised the rate four times since December 2015 after keeping it at a record low for seven years after the 2008 financial crisis. On Friday, the ratings agency said the country's attempts to reduce risks from its rapid buildup in debt are not working as quickly as expected and credit growth is still too fast. The portfolio primarily consists of government and mortgage-backed bonds.

"The market is unwinding an overly pessimistic view on USA rates, which is the reason that the dollar has bottomed, overall", said Masafumi Yamamoto, chief forex strategist at Mizuho Securities.

"That competes with Google and Microsoft, and it's going to weigh on the entire tech space", said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

Benchmark 10-year Treasury notes US10YT=RR were last down 6/32 in price to yield 2.222 percent. Also, surprising markets, a new board member argued against the central bank's view that current policy was sufficient to boost inflation to its target. Northrop's shares inched up 1.54percent.

The dollar built on its gains against the yen, heading toward 111.50 yen.

Analysts said the franc could weaken further against the euro too as long as the United States continued to favour a diplomatic solution in the standoff with North Korea.

Technology companies were among the biggest decliners.

Energy stocks fell broadly while telecommunications and IT firm TPG Telecom fell as much as 6.7 percent. The cereal maker slid $3.21, or 5.8 percent, to $52.17. US shares were set to be little changed with Dow futures inching up less than 0.1 percent to 22,305. Japan's trade surplus stood at 113.6 billion yen ($1.92 billion U.S.) - above the 93.9-billion yen forecast. The report from the National Association of Realtors pulled down homebuilder shares.

In late NY trading, the euro rose to $1.1998 from $1.1950 in the previous session, and the British pound gained to $1.3523 from $1.3489 in the previous session, Xinhua news agency reported.

USA crude oil prices slipped below $50 per barrel but stayed close to multi-month highs as refineries in Texas continued to restart after Hurricane Harvey. It is likely to show the rate of homebuilding was little changed August. Heating oil added 3 cents to $1.81 a gallon.

Advancing issues outnumbered decliners on the NYSE by 1,723 to 996.

Silver was up 0.1pc at $17.16 an ounce, while platinum was 0.7pc lower at $948.65 an ounce. Copper held steady at $2.97 a pound. But Britain's FTSE 100 added 0.2 percent to 7,269.87. Australia's S&P/ASX 200 fell 0.1 percent.

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