Asia Stumbles as Fed Stands Pat

Stocks in Asia were broadly lower on the final trading day of the week after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting.

In Japan, the Nikkei 225 faltered 236.67 points, or 1.1%, to 22,250.25.

The Japanese yen was at 113.80 against the U.S. dollar after weakening from levels above 113.6 in the previous session.

In Hong Kong, the Hang Seng Index dumped 625.80 points, or 2.4%, to 25,601.92

Korean markets moved lower, after the country's president, Moon Jae-in, fired his top economic policymakers and replaced them with people from within the government. Media sources say the move indicates Moon aims to reinforce his controversial economic policies, which economists have said were hurting growth.

Australian markets subsided, with the major sectors mixed. Energy stocks fell by 1.3% while the heavily weighted financial sub-index recovered to see gains of 0.2%.

The Australian dollar traded at $0.7244 U.S. after seeing highs above $0.729 yesterday.


In Shanghai, the CSI 300 retreated 45.33 points, or 0.3%, to 3,167.44

The moves in China followed the country's Consumer Price Index coming in at 2.5% higher for October, and Producer Price Index at 3.3% higher, compared to a year ago. Those numbers were in line with expectations.

One economist warned that relations between the U.S. and China could get frostier now that the midterm elections stateside are over.

Another market observer said the expected meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinpingduring the upcoming G-20 summit is unlikely to yield results.

In other markets

In Taiwan, the Taiex index ditched 115.3 points, or 1.2%, to 9,830.01

In Korea, the Kospi index gave back 6.54 points, or 0.3%, at 2,086.09

In Singapore, the Straits Times Index slid 15.27 points, or 0.5%, to 3,077.97

In New Zealand, the NZX 50 gained 35.39 points, or 0.4%, to 8,931.40

In Australia, the ASX 200 hesitated 6.39 points, or 0.1%, to 5,921.85