asian markets mostly down in holidaythinned trade
Last Updated : GMT 09:03:51
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Last Updated : GMT 09:03:51
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At the end of the week.

Asian markets mostly down in holiday-thinned trade

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Almaghrib Today, almaghrib today Asian markets mostly down in holiday-thinned trade

Emmanuel Macron
Hong Kong - Arab Today

Asian markets mostly fell on Wednesday as investors await the Federal Reserve's policy meeting later in the day and the release of key US jobs data at the end of the week.

With Tokyo, Hong Kong and Seoul all closed for public holidays business was thin, despite another record close for the Nasdaq on Wall Street, as traders await cues from Washington.

While the Fed is not expected to raise interest rates, with policymakers taking note of a recent run of weak indicators, its post-meeting statement will be parsed for clues about plans for later in the year.

“With the big slip in data recently there is no chance they raise rates, but the statement could contain a discussion about the balance sheet taper (which) so many Fed speakers have been talking about recently,” said Greg McKenna, chief market strategist at AxiTrader.

Minutes from the bank's March meeting showed the policy board was considering tightening monetary policy by sucking cash out of the financial system, a disclosure which spooked investors early last month.

Friday sees the next key event when the US government releases jobs creation figures for April, which will be used by the Fed to gauge when it will next raise borrowing costs.

Shanghai reversed early gains to end down 0.3 percent, Sydney sank one percent and Wellington was 0.2 percent off, while Manila and Jakarta also retreated.

Singapore added 0.8 percent and Taipei was slightly higher.

Wall Street provided another healthy lead, with the Nasdaq posting yet another record while the Dow and S&P 500 also pushed higher. Markets in Europe closed with healthy gains.

The dollar held its ground above 112 yen, but the pound dipped following recent gains.

The euro is also sitting up ahead of Sunday's second round of France's presidential election, in which moderate Emmanuel Macron is expected to beat his far-right, anti-EU opponent Marine Le Pen.

Crude prices staged a minor recovery after both contracts tumbled more than two percent Tuesday on news that US production was rising and Libya had ramped up output.

The news offset a drop in inventories and hopes for an extension of cuts by the OPEC cartel.

In early European trade London and Frankfurt each shed 0.1 percent while Paris gave up 0.2 percent.

- Key figures at 0720 GMT -

Shanghai - Composite: DOWN 0.3 percent at 3,135.35 (close)

Tokyo - Nikkei 225: Closed for holiday

Hong Kong - Hang Seng: Closed for holiday

London - FTSE 100: DOWN 0.1 percent at 7,241.35

Euro/dollar: UP at $1.0930 from $1.0925 at 2050 GMT

Pound/dollar: DOWN at $1.2900 from $1.2932

Dollar/yen: UP at 112.11 yen from 112.04 yen

Oil - West Texas Intermediate: UP 24 cents at $47.90 per barrel

Oil - Brent North Sea: UP 34 cents at $50.80

New York - Dow: UP 0.2 percent at 20,949.89 (close)

source: AFP

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