Asian shares lower as markets mull Fed, geopolitical risk
HONG KONG — Most Asian shares sank Thursday as investors digested the latest Fed minutes while geopolitical concerns overshadowed sentiment after President Donald Trump struck a defiant tone on the Middle East conflict.
KEEPING SCORE: Japan’s benchmark Nikkei 225 stock index dipped 0.1 per cent to 21,660.28 while the Kospi in South Korea added 0.2 per cent to 2,450.02. Hong Kong’s Hang Seng fell 0.6 per cent to 30,707.03 and the Shanghai Composite in mainland China gave up early gains, sliding 0.8 per cent to 3,182.49. Australia’s S&P/ASX 200 lost 0.3 per cent to 5,814.00. Indexes in Taiwan, Singapore and Indonesia also lost ground but shares in Thailand and the Philippines rose.
FED MINUTES: At its most recent meeting in March, Federal Reserve policymakers said they felt the U.S. central bank might have to raise interest rates faster than expected to keep up with quickening economic growth and rising inflation that’s coming close their 2 per cent target, according to the latest minutes. Some officials also thought they might have to focus on slowing the economy to keep inflation under control.
TRUMP TALK: In a tweet, Trump suggested that he wanted to retaliate against Russia after the recent suspected chemical attack in Syria. Separately, Saudi Arabia said it intercepted missiles fired by rebels in Yemen as well as drones that targeted an oil facility. The prospect of escalating conflict in the Middle East has sparked fears about tighter oil supplies, driving crude prices to their highest since December 2014.