Wednesday, July 30, 2014   

Asian shares mixed before Fed meeting
(01-28 11:20)

Asian markets were mixed Tuesday after suffering a heavy sell-off in the previous session, with traders still nervous over emerging economies as they await the Federal Reserve's next move on its stimulus program.
The dollar edged higher against the yen after sinking to near two-month lows on Monday, AFP reports.
Tokyo rose 0.10 percent by the break, Hong Kong eased 0.25 percent and Shanghai and Seoul were flat. Sydney, which was closed Monday for a holiday, fell 0.73 percent.
Regional markets slumped on Monday, taking a lead from Wall Street and Europe on Friday, as a plunge in the Argentine peso last week sparked fresh worries about developing nations' economies.
Wall Street extended its losses on Monday, with the Dow falling 0.26 percent, the S&P 500 down 0.49 percent and the Nasdaq 1.08 percent lower. In Europe the main markets in London, Paris and Frankfurt also saw big losses.
There is growing concern that with the Fed on a course of winding down its stimulus program, the cash that has provided strong investment support for emerging economies -- from Argentina and South Africa to Indonesia and India -- could dry up, leading to a flight of capital.
Adding to that is a string of weak Chinese data, including last week's dire manufacturing figures, that have raised questions about the world's number two economy, which is a key driver of growth.
Eyes are now on the Fed's latest two-day meeting, which kicks off Tuesday. Despite the latest turmoil, there is speculation it will cut a further US$10 billion from its monthly asset purchases, to US$65 billion, following a similar announcement last month.   
Other Business breaking news:
IMF approves new credit line for Morocco (07-29 18:48)
Luxembourg puts key BES bank shareholders in administration (07-29 18:47)
Exchange Fund income amounts to HK$50.5b in first half (07-29 17:35)
Russia sanctions hit on profits: BP (07-29 16:48)
Building materials sector sluggish in China (07-29 16:40)
Hang Seng, Shanghai finish higher (07-29 16:18)
Airbus cancels six-jet order from Japan's Skymark (07-29 15:30)
European stocks open flat (07-29 15:29)
Deutsche Bank sees second-quarter profits down (07-29 15:11)
BP profits soar in second quarter (07-29 14:43)

More breaking news >>

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