Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Business
Classified Sites

The Canadian Press - ONLINE EDITION

Asia stock markets struggle as Fed lift fades, caution returns over Iraq, US economy

HONG KONG - Asian stock markets struggled Friday as the euphoria faded from the Fed's promises of prolonged low rates to boost growth.

Markets were subdued in lacklustre trading, with Japanese and Australian benchmarks headed lower after big gains the previous day.

The fluctuations reflect investors' cautious mood heading into summer plus lingering concern over the possible widening of the turmoil in Iraq and uncertainty about the U.S. economy's resilience.

Markets got a short-term boost from Federal Reserve Chair Janet Yellen's pledge this week that short-term rates would not rise from record lows anytime soon.

"Both U.S. and Asian markets have been much more subdued after the FOMC meeting and it seems that once the dust settles the big moves in a number of assets were predominantly based on position re-adjustment than anything else," said Chris Weston of IG Markets in Melbourne.

Japan's benchmark Nikkei 225 dipped 0.1 per cent to 15,349.42 while Australia's S&P/ASX 200 tumbled 0.8 per cent to 5,422.40. Both had jumped 1.6 per cent in Thursday's session.

South Korea's Kospi lost 1.2 per cent to 1,968.07 while Hong Kong's Hang Seng edged 0.2 per cent higher to 23,214.80 and the Shanghai Composite Index in mainland China lost 0.4 per cent to 2,017.24.

On Wall Street, the S&P 500 index eked out another record, rising 0.1 per cent to 1,959.48. The Dow added 0.1 per cent to 16,921.46 and the Nasdaq composite slipped 0.1 per cent to 4,359.33.

In energy trading, benchmark U.S. crude oil for July delivery rose 3 cents to $106.08 in electronic trading on the New York Mercantile Exchange. The contract fell 39 cents on Wednesday.

In currencies, the dollar slipped to 101.89 Japanese yen from 101.93 in late trading Thursday. The euro strengthened to $1.3625 from $1.3612.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on brandonsun.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

Comment
  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.

letters

Make text: Larger | Smaller

Brandon Sun Business Directory
The First World War at 100
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates