Asian shares tumbled today (April 29th) as investors await a Fed policy statement and US growth report that are expected to provide new signs of a slowdown in the growth of the US economy. Economists are expecting quarterly growth of one per cent, down from 2.2 per cent in the previous period, AP reports.
The Federal Reserve is set to issue a policy statement after the end of its two-day meeting, which should provide clues about when it will raise interest rates.
Investors were also concerned about weak earning reports in Asia, with Wynn Macau Ltd. sinking 7.6 per cent in Hong Kong and Anhui Conch Cement Co. sliding 3.6 per cent after it posted a first-quarter net income down 31 per cent.
“Poorer earnings provide some investors an excuse to take profit given the strong run up that we’ve seen in the market in the last few weeks,” Jason Low, equity strategist at DBS Wealth Management & Private Bank in Singapore, told Bloomberg.
The Shanghai Composite Index lost 0.5 per cent to 4,454.11 and Australia's S&P ASX/200 tumbled 1.3 per cent to 5,872.50. Hong Kong's benchmark Hang Seng index was down 0.6 per cent to 28,265.71, while South Korea's Kospi lost 0.8 per cent to 2,130.09. Japan's stock market was closed for a holiday.