TOKYO (AP) — Asian shares were trading mixed Wednesday, as expectations resurfaced that U.S. interest rates may stay high for a while.
Japan’s benchmark Nikkei 225 dipped 0.5% in afternoon trading to 38,296.69. Australia’s S&P/ASX 200 edged up less than 0.1% to 7,618.50. South Korea’s Kospi was little changed, inching down to 2,608.93. Hong Kong’s Hang Seng slipped 0.2% to 16,219.84, while the Shanghai Composite gained 1.1% to 3,040.72.
The mixed reaction came after Federal Reserve Chairman Jerome Powell said at an event Tuesday that the central bank has been waiting to cut its main interest rate, which is at its highest level since 2001, because it first needs more confidence inflation is heading sustainably down to its 2% target.
“Appetite for risk-taking remains weak, with Federal Reserve Chair Jerome Powell validating a later timeline for rate cuts, alongside a raft of Fed speakers calling for more patience in easing,” said Yeap Jun Rong, market analyst at IG.
Brewers starter Joe Ross leaves after first inning vs. Marlins with lower back strain
China slams harassment of ship crew by US Customs
Mexico protests to UN chief over Ecuador's raid on embassy
China's homegrown unmanned aircraft takes to sky
Xi Meets Antigua and Barbuda's Prime Minister
Mideast countries call for restraint after Iran's retaliatory attack on Israel
Tehran not seeking to continue "defensive operation" against Israel: FM
Four people killed in a house explosion in southwestern Missouri
Patrick Reed withdraws from US Open qualifying and ends streak of playing the majors
Feature: How Chinese are helping Suriname turn around its farming fortunes