Asian shares held to tight ranges on Tuesday ahead of a Federal Reserve policy m...
TOKYO - Asian shares held to tight ranges on Tuesday ahead of a Federal Reserve policy meeting, but were broadly supported near 6-1/2-month highs on expectations the U.S. central bank might strike a dovish tone, while fresh Brexit worries weighed on the pound.
MSCI’s broadest index of Asia-Pacific shares outside Japan was virtually flat, easing back from its highest level since Sept. 4 hit earlier in the session.In China, the benchmark Shanghai Composite slipped 0.2 percent and the blue-chip CSI 300 fell 0.4 percent, while Hong Kong’s Hang Seng was almost flat.
With global economic growth appearing to slow, traders were focused on the Fed, which kicks off a two-day policy meeting later in the day, for clues about the likely path of U.S. borrowing costs. “A key focus is when the Fed will omit the word ‘patient’ from its statement, as that would be a pre-requisite for a rate hike,” said Toru Yamamoto, chief fixed income strategist at Daiwa Securities.
May has only two days to win approval for her deal to leave the European Union if she wants to go to a summit with the bloc’s leaders on Thursday with something to offer them in return for more time. The Japanese yen inched up 0.1 percent to 111.28 yen to the dollar, while the euro was almost flat at $1.1347 .
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