Asian stock markets gain ahead of Fed update
Traders worry the Fed and other central banks might be willing to push the world into recession to extinguish inflation that is at multi-decade highs. They hope minutes from the Fed's December meeting might show policymakers are reducing or delaying planned rate hikes due to signs economic activity is slowing.
“While the Fed expects to keep rates higher for longer, markets continue to push back, betting on easier policy,” said Rubeela Farooqi and
The Shanghai Composite Index gained 0.3% to 3,126.51 while the
The Kospi in
The S&P 500 shed a 1% gain and finished 0.4% lower. The Dow Jones Industrial Average slipped less than 0.1% to 33,136.37. The Nasdaq composite dropped 0.8% to 10,386.98.
Technology stocks were among the biggest weights on the market.
On top of inflation, investors worry about the impact of
The Fed’s key lending rate stands at a range of 4.25% to 4.5%, up from close to zero following seven increases last year to cool economic activity and upward pressure on prices.
The central bank’s next policy decision on interest rates is set for
Investors also are looking for corporate profit reports in mid-January. Analysts polled by FactSet expect earnings for companies in the S&P 500 to slip during the fourth quarter and remain flat for the first half of 2023.
In energy markets, benchmark
The dollar edged down to
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