Asian stocks mixed as Wall Street dives on investor sentiment

Kelvin Chan, The Associated Press</span>
Published Friday, June 16, 2017 12:24AM EDT

HONG KONG - Asian stocks were mixed Friday as a tech sell-off overnight on Wall Street shaded sentiment among investors who continued to focus on central bank decisions, including an upcoming decision in Japan.

KEEPING SCORE: Japan's Nikkei 225 stock index rose 0.6 per cent to 19,940.56 but South Korea's Kospi dipped 0.1 per cent to 2,358.94. Hong Kong's Hang Seng rebounded 0.4 per cent to 25,662.27 after dropping more than 1 per cent the day before while the Shanghai Composite lost 0.2 per cent to 3,127.72. Australia's S&P/ASX 200 gained 0.3 per cent to 5,780.80.

BANK OF JAPAN: Central bank policymakers in Asia's second largest economy are wrapping up their scheduled two-day meeting, though they aren't expected to make any changes to rates. However, investors will be looking for any fresh insight into Japan's economy or long-term plans by the central bank to unwind its stimulus program when officials hold a press conference following the decision.

GREENBACK STRENGTH: The dollar maintained its recent gains, helped by the Federal Reserve's decision this week to raise its key interest rate for the third time in half a year and trim its bond holdings on signs that the U.S. economy continues to improve. The dollar rose to 111.15 yen from 110.92 yen in late trading Thursday while the euro eased to $1.1152 from $1.1147.

QUOTEWORTHY: "Market distortions ultimately lead to market failures, so perhaps the Federal Reserve and other global central banks are growing concerned with investors' hubris and signalling it's time to reign in risk," said Stephen Innes, senior trader at OANDA. "The market is now wondering which central bank will be next to drain the punch bowl. BOJ?"

WALL STREET: Major U.S. benchmarks ended lower. The Standard & Poor's 500 index lost 0.2 per cent to 2,432.46. The Dow Jones industrial average dipped 0.1 per cent to 21,359.90 after Wednesday's record high close. The tech-heavy Nasdaq composite dropped 0.5 per cent to 6,165.50.

ENERGY: Oil futures were steady after sliding to a seven-month low. Benchmark U.S. crude slipped 2 cents to $44.44 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 27 cents to settle at $44.46 a barrel in New York. Brent crude, used to price international oils, climbed 2 cents to $46.94 a barrel in London.

Let's block ads! (Why?)