Asian stocks mixed ahead of Fed rate decision
The US Federal Reserve’s policy decision is due later today.
Asian stocks were mixed today (September 17th) after a strong session on Wall Street.
Investors were cautious ahead of the Federal Reserve's policy decision due later today after a two-day meeting, which is expected to give significant clues as to when the central bank will start raising interest rates.
"Our take is they are not [going to hike]," Sheila Patel, chief executive officer, International of Goldman Sachs Asset Management, told CNBC. "If you look at the situation around the world today, [the Fed] is in a much different position… we see credit spreads widening, a much stronger US dollar and equities coming down. The only reason for a move is the sentiment to just get it over with and that's not the way for the Fed to make a decision."
A World Bank chief economist has warned that a September rate hike from the US Federal Reserve could trigger "panic and turmoil" in emerging markets, amid rising uncertainty over growth in China.
Tokyo's Nikkei 225 gained 1.4 per cent to 18,432.27, South Korea's Kospi edged up 0.1 per cent at 1,976.49 and Australia's S&P/ASX 200 rose 0.9 per cent to 5,146.80. China's Shanghai Composite Index lost 2.1 per cent at 3,086.06, while Hong Kong's Hang Seng index dipped 0.5 per cent to 21,854.63.