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Asian stocks mostly lower ahead of Fed meeting; Nikkei down 0.67%

Published 06/17/2013, 10:53 PM
USD/JPY
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Investing.com - Most Asian stocks traded lower Tuesday in lethargic action as traders eyed the two-day Federal Reserve meeting, which kicks off later Tuesday.

In Asian trading Tuesday, Japan’s Nikkei 225 fell 0.67% even as USD/JPY traded higher. Japan’s Topix fell 0.3%.

Hong Kong’s Hang Seng fell 0.57% while the Shanghai Composite dropped 0.36% after China’s National Bureau of Statistics said new home prices there rose 6% in May. That could significantly limit the chances of an interest rate cut in China, which is trying to fight off a property bubble.

Home prices rose from a year earlier in 69 of 70 major Chinese cities. Prices in Beijing and Shanghai advanced 12% and 10%, respectively.

Australia’s S&P/ASX 200 Index slid 1% after the release of minutes from the Reserve Bank of Australia’s most recent meeting.

"At this meeting, members viewed the current stance of monetary policy as appropriate for the time being. The Board also judged that the inflation outlook as currently assessed might provide some scope for further easing, should that be required to support demand," said RBA.

New Zealand’s NZSE 50 added 0.52% a day after the Westpac Banking Corporation said its consumer sentiment index rose to 116.6 in the second quarter, from a reading of 110.8 in the previous quarter.

South Korea’s Kospi inched down 0.02% ahead of the Fed meeting. On Monday, the Bank of Korea said the end of quantitative easing by the Fed along with Japan’s weak yen policy are the two biggest economic hurdles currently facing Asia’s fourth-largest economy.

Singapore’s Straits Times Index rose 0.89% while S&P 500 futures inched down 0.02%.


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