Asian stocks down led by Wall Street
Investors are focusing on a US Federal Reserve meeting.
Asian stocks traded lower today (October 28th), led by Wall Street, as investors await a US Federal Reserve decision on monetary policy due later today.
The central bank started its two-day meeting yesterday and analysts believe a rate rise is not likely this year due to recent data which suggests the economic recovery remains uneven.
A report released yesterday showed orders for business equipment unexpectedly declined in September, while another report showed consumer confidence fell in October to a three-month low.
The Fed kept rates near zero last month due to concern over a slowdown in the global economy, particularly in China.
"I don’t think the Fed is going to risk tightening policy this year,” Nader Naeimi, head of dynamic asset allocation at AMP Capital Investors told Bloomberg. "It looks like markets have stalled but we still have some cash and if markets pull back we are using that as a buying opportunity. We’re starting to see the pressure abating on earnings."
Japan's Nikkei 225 gained 0.7 per cent to close at 18,903.02, South Korea's Kospi edged down 0.1 per cent to 2,042.51 and Australia's S&P/ASX 200 fell 0.2 per cent to 5,335.20. Hong Kong's Hang Seng dipped 0.8 per cent to 22,956.57 and China's Shanghai Composite Index tumbled 1.7 per cent to 3,375.20.
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