Global shares mixed but Nikkei rises on yen, muted elsewhere

Global shares mixed but Nikkei rises on yen, muted elsewhere”

Brent crude slipped 0.1 percent to $55.41, not far from an nearly five-month high of $55.99 marked on Thursday.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent after wobbling between positive and negative territory for much of the morning.

Asian stocks were mostly steady on Wednesday after Wall Street again rose to record highs, although movements were limited as a wait-and-see mood prevailed before the Federal Reserve reveals its monetary policy stance later in the day.

At a two-day meeting beginning later on Tuesday, the Fed is expected to take another step toward policy normalization and announce plans to begin unwinding its $4.2 trillion portfolio of Treasuries and mortgage-backed securities.

Markets expect the Fed move will in December when it is due to revise its economic projections.

Japan's Nikkei was effectively flat. Hong Kong's Hang Seng was little changed at 28,162.32, while the Shanghai Composite dipped 0.2 percent to 3,355.96.

All three major US stock indexes hit record closing highs, with financial shares providing the biggest boost.

"Sterling's rally in the past couple of weeks is partly in reaction to the Bank of England but also reflects an assumption that it's more likely we do get a transitional deal", said Mike Bell, global market strategist at JP Morgan Asset Management.

In the currency market, the rise in Treasury yields boosted the dollar's attractiveness.

S&P Global Ratings downgraded China's long-term sovereign credit rating on Thursday, less than a month ahead of one of the country's most sensitive political gatherings, citing increasing risks from its rapid build-up of debt.

Fed fund rate futures are pricing in about 65 per cent chance of a rate hike by December, the highest level since March, and around 50 per cent before the Fed meeting.

Trump said in a speech to the U.N. General Assembly on Tuesday that the United States will be forced to "totally destroy" North Korea unless Pyongyang backs down from its nuclear challenge.

In the US stock market, the Dow Jones Industrial Average rose 79.11 points, or 0.36 percent, to 22,347.45, the S&P 500 gained 6.5 points, or 0.26 percent, to 2,506.73 and the Nasdaq Composite added 27.47 points, or 0.43 percent, to 6,475.94.

"The market doesn't seem to have any strong risk-off sentiment, even after Trump's comments", said Masashi Murata, currency strategist for Brown Brothers Harriman in Tokyo.

The dollar index against a basket of six major currencies was little changed at 91.747.

The euro barely moved at $1.1943 and on track to end the week 0.8 percent lower.

The Mexican peso pulled back slightly after dropping in response to a strong natural disaster that struck central Mexico.

Oil prices flirted with multi-month highs, despite a rise in USA crude inventories, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening output cuts, ahead of the planned meeting between OPEC and non-OPEC nations on Friday.

LONDON, Sept 21 (Reuters) - The dollar rose to a two-month high against the yen on Thursday after a hawkish-sounding U.S. Federal Reserve heightened expectations of an interest rate increase in December.

Higher U.S. yields bolstered the greenback, with the benchmark 10-year note yield notching a one-month high of 2.237 percent overnight.

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