- POSTED: 17 Sep 2013 17:40
- UPDATED: 17 Sep 2013 19:14
This graph is an experimental feature that tracks number of views over time.
Asian markets mostly fell on Tuesday as a broadly positive lead from Wall Street was offset by caution before the US Federal Reserve's policy meeting.
HONG KONG: Asian markets mostly fell on Tuesday as a broadly positive lead from Wall Street was offset by caution before the US Federal Reserve's policy meeting.
Profit-takers moved in after Monday's gains, which were fuelled by the decision of Larry Summers to quit the race to become the next Fed chairman.
Tokyo gave up early gains to end 0.65 per cent lower, slipping 93.00 points to 14,311.67, and Seoul shed 0.39 per cent, or 7.79 points, to 2,005.58.
Hong Kong gave up 0.31 per cent, or 71.89 points, to finish at 23,180.52. Shanghai slipped 2.05 per cent, or 45.84 points, to 2,185.56.
Sydney was almost unchanged, edging up 3.2 points to end at 5,251.2.
With few catalysts to drive buying, the focus is on the two-day Fed meeting that ends on Wednesday.
While investors expect policymakers to begin winding down the US$85 billion-a-month stimulus programme, the key question is the pace of the drawdown.
Global shares turned upwards on Monday after Summers withdrew from the running to replace Ben Bernanke as Fed boss.
The former treasury secretary is widely considered a monetary hawk who many feared would have overseen a brisk wind-down of the bank's bond-buying scheme, which has been credited with fuelling a rally in world markets.
The dollar fell to as low as 98.45 yen on Monday as dealers bet that the stimulus, which floods financial markets with cash, would remain in place longer without Summers in charge. However, it picked up in New York to end the day at 99.11 yen.
In Tokyo on Tuesday, it bought 99.20 yen. The euro fetched 132.44 yen and US$1.3348 compared with 132.20 yen and US$1.3337.
Wall Street cheered the news about Summers, with the Dow finishing 0.77 per cent higher and the S&P 500 up 0.57 per cent. However, the Nasdaq fell 0.12 per cent as Apple suffered another sell-off on disappointment over its latest iPhone models.
Oil prices fell as supply fears receded thanks to a US-Russia deal that may see Syria give up its chemical weapons and avoid an imminent US military strike.
New York's main contract, West Texas Intermediate for delivery in October, eased 59 cents to US$106.00 in afternoon trade. Brent North Sea crude for November slipped 29 cents to US$109.78.
Gold was US$1,319.11 an ounce at 1039 GMT compared with US$1,316.10 late Monday.
In other markets, Taipei was flat, edging down 5.56 points to 8,249.78; Wellington was also flat, edging up 4.40 points to 4,698.03; Manila rose 0.66 per cent, or 41.43 points, to 6,344.14; Jakarta ended down 0.10 per cent, or 4.62 points, at 4,517.62; Kuala Lumpur gained 0.23 per cent, or 4.14 points, to 1,774.94; Bangkok ended flat, slipping 0.09 per cent, or 1.33 points, to 1,443.78; and Mumbai rose 0.31 per cent, or 61.56 points, to 19,804.03.