{"id":50569,"date":"2024-09-17T08:58:11","date_gmt":"2024-09-17T08:58:11","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/09\/17\/asian-shares-mixed-in-thin-holiday-trade-8\/"},"modified":"2024-09-17T08:58:11","modified_gmt":"2024-09-17T08:58:11","slug":"asian-shares-mixed-in-thin-holiday-trade-8","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/09\/17\/asian-shares-mixed-in-thin-holiday-trade-8\/","title":{"rendered":"Asian Shares Mixed In Thin Holiday Trade"},"content":{"rendered":"
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Asian stocks turned in a mixed performance on Tuesday as investors braced for the Federal Reserve’s most anticipated meeting in years.<\/p>\n

A two-day policy meeting of the U.S. Federal Reserve gets underway later today, with markets<\/span> seeing a nearly 70 percent probability of a bigger 50 bps rate cut to the 4.7-5 percent range on Wednesday.<\/p>\n

Gold ticked higher in Asian trading even as the dollar selloff paused ahead of the U.S. retail sales data for August due later in the day.<\/p>\n

Oil extended overnight gains due to disruptions in U.S. production caused by Hurricane Francine and expectations of a Federal Reserve interest rate cut.<\/p>\n

Markets in mainland China and South Korea were closed for public holidays.<\/p>\n

Hong Kong’s Hang Seng index rallied 1.37 percent to close at 17,660.02 as hopes of fiscal stimulus measures to bolster the Chinese economy<\/span> lifted property developers and technology stocks. <\/p>\n

Japanese markets fell sharply as export-related stocks came under selling pressure due to a stronger yen. <\/p>\n

The Nikkei average dropped 1.03 percent to 36,203.22 while the broader Topix index settled 0.60 percent lower at 2,555.76.<\/p>\n

Sony Corp, Toyota and Nissan all fell around 2 percent after the dollar briefly weakened to the lower 140-yen range. <\/p>\n

Tech investor Softbank Group tumbled 3.1 percent, chip-related Advantest plummeted 5.6 percent and Tokyo Electron gave up 5.2 percent. <\/p>\n

Australian markets booked a fourth consecutive session of gains to reach a new high, led by technology<\/span>, real estate and energy stocks. <\/p>\n

The benchmark S&P\/ASX 200 edged up 0.24 percent to 8,140.90 while the broader All Ordinaries index gained 0.24 percent to close at 8,361.20.<\/p>\n

Xero rallied 2.6 percent after announcing its acquisition of Syft Analytics for US$70m.<\/p>\n

Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index dipped 0.26 percent to 12,671.95.<\/p>\n

U.S. stocks ended mixed overnight as tech stocks dragged and the dollar fell ahead of a slew of central bank meetings due later in the week.<\/p>\n

In economic news, a survey showed manufacturing activity expanded in the New York region for the first time in almost a year.<\/p>\n

The Dow rose 0.6 percent to a record high close and the S&P 500 inched up 0.1 percent while the tech-heavy Nasdaq Composite dropped half a percent.<\/p>\n

European stocks ended mostly lower on Monday to snap a three-day winning streak amid signs that an economic slowdown in China is deepening.<\/p>\n

The pan European STOXX 600 slipped 0.2 percent. The German DAX shed 0.4 percent and France’s CAC 40 eased 0.2 percent while the U.K.’s FTSE 100 ended flat with a positive bias. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n