cloudy
Tuesday August 21st, 2018 1:48PM

Asian shares drop as eyes turn to central bank meetings

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Asian stocks mostly fell Wednesday after a muted market response to the Trump-Kim summit. Investors have now turned their eyes to the trio of this week's central bank meetings.

KEEPING SCORE: Japan's benchmark Nikkei 225 was up 0.4 percent to finish at 22,966.38. South Korea's Kospi was down by less than 0.1 percent at 2,468.83. Hong Kong's Hang Seng and the Shanghai Composite index both dropped 1.0 percent, the Hang Seng to 30,784.90 and the Shanghai Composite to 30,784.90. Australia's S&P/ASX 200 also dropped 0.5 percent to 6,023.50.

WALL STREET: The Standard & Poor's 500 index rose 4.85 points, or 0.2 percent, to 2,786.85, closing at its highest level since February 1. The Nasdaq composite added 43.87 points, or 0.6 percent, to 7,703.79 and the Dow Jones industrial average fell 1.58 points, or less than 0.1 percent, to 25,320.73. The Russell 2000, an index that makes up mostly small companies, rose 7.62 points, or 0.5 percent, to 1,682.30.

TRUMP-KIM SUMMIT: Trump and Kim concluded their summit Tuesday by committing to working "toward complete denuclearization of the Korean Peninsula" and to "build a lasting and stable peace regime" on the Korean Peninsula. Trump surprised both the Pentagon and the South Korean military by promising to end U.S. military exercises with South Korea. Details were left vague, but progress there has the chance of lowering geopolitical tensions in a region that includes three of the world's largest economies: Japan, China and South Korea.

CENTRAL BANKS: The Federal Reserve resumes a two-day meeting on interest rates later Wednesday. Investors expect the central bank to raise its benchmark rate by a quarter of a percentage point to a range of 1.75-2 percent. However investors' attention will focus more on how many additional rate hikes Fed officials may do this year. On Thursday, the European Central Bank will meet and could outline an end to its stimulus program, while on Friday the Bank of Japan is due to give its latest policy update.

ANALYST'S TAKE: "Fed are the ones that could surprise on the hawkish side which should support a stronger US dollar vs EUR, AUD and JPY," said Stephen Innes, analyst at Oanda.

ENERGY: Benchmark U.S. crude lost 39 cents to $65.98 a barrel. Brent crude, used to price international oils, fell 31 cents to $75.57 per barrel in London.

CURRENCY: The dollar rose to 110.56 yen from 110.30 late Tuesday in Asia. The euro fell slightly to $1.17 from $17.99.

___

Follow Nicola Shannon on Twitter at https://twitter.com/nicolavshannon

Her work can be found at https://www.apnews.com/search/Nicola%20Shannon

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Asian shares drop as eyes turn to central bank meetings
Asian stocks fall slightly after a muted market response to the Trump-Kim summit
11:24PM ( 6 minutes ago )
Top GOP aide: House to vote next week on 2 immigration bills
A top GOP aide says the House will vote next week on two Republican-written immigration bills
11:09PM ( 20 minutes ago )
New wildfire erupts near Colorado ski resorts, houses
A new wildfire has erupted in an area of Colorado known for its ski resorts, forcing the evacuation of more than 1,300 homes
11:09PM ( 21 minutes ago )
Associated Press (AP)
The Latest: Judge approves merger of AT&T and Time Warner
A federal judge has approved the $85 billion mega-merger of AT&T and Time Warner
9:58PM ( 1 hour ago )
Guess co-founder resigns after sex misconduct investigation
Guess Inc. says its co-founder Paul Marciano is stepping down after a company-commissioned investigation of allegations of sexual harassment and assault.
9:13PM ( 2 hours ago )
Federal judge approves AT&T-Time Warner merger
Federal judge approves AT&T-Time Warner merger, potentially ushering in a new era of media mega-mergers
8:53PM ( 2 hours ago )
AP Business
The Latest: AT&T happy with ruling, government weighs appeal
AT&T says it will complete its purchase of Time Warner by June 20 now that a federal judge has cleared the deal.
5:36PM ( 5 hours ago )
The Latest: Investors welcome AT&T-Time Warner approval
Investors are welcoming a federal judge's approval of AT&T's $85 billion takeover of Time Warner
5:25PM ( 6 hours ago )
Energy regulators: No grid emergency to justify coal bailout
Federal regulators dispute Trump administration's claim that struggles facing the coal and nuclear industries threaten the reliability of the power grid
4:57PM ( 6 hours ago )
AP Business - Economy
World stock markets mixed after Trump-Kim summit
Global stock markets are mixed as investors digest the summit between U.S. President Donald Trump and North Korean leader Kim Jong Un
6:57AM ( 16 hours ago )
Asian shares higher, Europe mixed after Trump-Kim summit
Asian shares are mostly higher but Europe is opening mixed as market players tried to digest the summit between President Donald Trump and North Korean leader Kim Jong Un in Singapore
4:38AM ( 18 hours ago )
Asian shares mostly higher with all eyes on Trump-Kim summit
Asian shares are mostly higher as market players try to digest the summit between President Donald Trump and North Korean leader Kim Jong Un in Singapore
3:22AM ( 20 hours ago )
AP Business - Financial Markets
Energy regulators: No immediate threat to power grid
Federal regulators dispute Trump administration's claim that struggles facing the coal and nuclear industries threaten the reliability of the power grid
2:53PM ( 8 hours ago )
Senate panel approves nominations for 2 Fed board seats
Senate panel approves Trump nominations for two Fed board seats including vice chairman
12:03PM ( 11 hours ago )
EU, IMF warn of US protectionism, back multilateral trade
Leaders of the International Monetary Fund, World Trade Organization and other international agencies warn that American protectionism could cause global economic damage
3:08PM ( 1 day ago )
AP Business - Industries
Justice Department move on health law has risks for GOP
GOP risks political fallout from Justice Department's move on health law protections for pre-existing conditions
8:38AM ( 3 days ago )
GOP risks fallout from Justice Department move on health law
GOP risks political fallout from Justice Department's move on health law protections for pre-existing conditions
4:54PM ( 4 days ago )
IMF: Argentina's targets possible but require commitment
The International Monetary Fund says Argentina's fiscal targets set as part of a $50 billion deal with the IMF are possible but will require commitment by the South American country
4:35PM ( 4 days ago )
AP Business - Financial Services
Top GOP aide: House to vote next week on 2 immigration bills
A top GOP aide says the House will vote next week on two Republican-written immigration bills
11:09PM ( 20 minutes ago )
New wildfire erupts near Colorado ski resorts, houses
A new wildfire has erupted in an area of Colorado known for its ski resorts, forcing the evacuation of more than 1,300 homes
11:09PM ( 21 minutes ago )
Puerto Rico issues new data on Hurricane Maria deaths
Puerto Rico requests more time, issues only a portion of data related to all deaths reported after Hurricane Maria amid outcry
11:08PM ( 21 minutes ago )
Dean Heller, Jacky Rosen win primaries in Nevada Senate race
Nevada Republican Dean Heller has secured his party's nomination as he seeks re-election to the U.S. Senate
11:06PM ( 24 minutes ago )
Exiled Yemen president goes to UAE as port attack looms
Yemen's exiled president is due to visit the United Arab Emirates to patch up relations ahead of an anticipated assault on the rebel-held port of Hodeida
10:18PM ( 1 hour ago )