Asian shares mixed after Fed gives Wall Street a boost

Asian shares mixed after Fed gives Wall Street a boost Photo: AP

May 23, 2018 11:22 PM

BANGKOK (AP) — Shares were mixed in Asia on Thursday after U.S. stocks reversed early losses and finished higher as investors appraised the Federal Reserve's signal that it is not in a hurry to raise interest rates.

KEEPING SCORE: Japan's Nikkei 225 index fell 1.2 percent to 22,418.18 and the Kospi in South Korea slipped 0.3 percent to 2,464.74. Australia's S&P ASX 200 gave up 0.2 percent to 6,021.60 and the Shanghai Composite index was down less than 0.1 percent at 3,167.83. Shares rose in Indonesia, Taiwan and Singapore but fell in Thailand.

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WALL STREET: Shares recovered from early losses after the Fed released minutes from its meeting in early May, where officials concluded that the U.S. central bank should be on track to keep raising interest rates gradually. Some said it wouldn't be a problem if inflation briefly went past the Fed's target rate of 2 percent. The S&P 500 index rose 0.3 percent to 2,733.29 and the Dow Jones industrial average gained 0.2 percent to 24,886.81. The Nasdaq composite climbed 0.6 percent to 7,425.96. The Russell 2000 index of smaller-company stocks edged 0.1 percent higher, to 1,627.61.

ANALYST'S PERSPECTIVE: "Fasten up as this will surely get bumpier with Tariff's, NAFTA and North Korea dominating headlines still," Stephen Innes of OANDA said in a commentary. "The underperformance of emerging market currencies and heightened global geopolitical risks should continue to wear on investors risk appetite."

ENERGY: Benchmark U.S. crude lost 19 cents to $71.65 per barrel in electronic trading on the New York Mercantile Exchange. It lost 36 cents to $71.84 per barrel on Wednesday. Brent crude, used to price international oils, fell 25 cents to $79.55.

CURRENCIES: The dollar dropped to 109.45 yen from 110.09 yen. The euro rose to $1.1704 from $1.1697.

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AP Markets Writer Marley Jay contributed. He can be reached at http://twitter.com/MarleyJayAP . His work can be found at https://apnews.com/search/marley%20jay

Credits

By ELAINE KURTENBACH

(Copyright 2018 by The Associated Press. All Rights Reserved.)

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