Asian Shares Mixed Tuesday 03/20 06:05
Asian shares were mixed Tuesday as some indexes recouped earlier losses set
off by an overnight decline on Wall Street. Investors are awaiting the first
Federal Reserve meeting under the new chairman, Jerome Powell, and anticipating
the first rate increase of the year.
TOKYO (AP) -- Asian shares were mixed Tuesday as some indexes recouped
earlier losses set off by an overnight decline on Wall Street. Investors are
awaiting the first Federal Reserve meeting under the new chairman, Jerome
Powell, and anticipating the first rate increase of the year.
KEEPING SCORE: Japan's benchmark Nikkei 225 lost 0.5 percent to finish at
21,380.97. Australia's S&P/ASX 200 slipped 0.4 percent to 5,936.40, while South
Korea's Kospi inched up 0.2 percent to 2,479.81. Hong Kong's Hang Seng was
virtually unchanged at 31,524.83, while the Shanghai Composite edged 0.3
percent higher to 3,289.80.
FACEBOOK DROP: The technology rout on Wall Street on Monday was set off by
Facebook's worst loss in four years. The social media giant's plunge followed
reports that Cambridge Analytica, a data mining firm working for President
Donald Trump's campaign, improperly obtained data on 50 million Facebook users
without their permission. Legislators in the U.S. and Europe criticized
Facebook, and investors are wondering if companies like Facebook and Alphabet
will face tighter regulation.
WALL STREET: The S&P 500 index sank 1.4 percent to 2,712.92. The Dow Jones
industrial average fell 1.3 percent to 24,610.91. The Nasdaq composite gave up
1.8 percent to 7,344.24 and the Russell 2000 index of smaller-company stocks
declined 1 percent to 1,570.56.
FEDERAL RESERVE: The U.S. Federal Reserve's first meeting under Jerome
Powell's leadership ends later this week, likely with an announcement that the
Fed will resume modest interest rate hikes. A healthy U.S. job market and a
relatively steady economy have given the Fed the confidence to think the
economy can withstand further increases. And the financial markets have been
edgy for weeks.
ENERGY: Benchmark U.S. crude rose 55 cents to $62.68 a barrel in electronic
trading on the New York Mercantile Exchange. It lost 28 cents on Monday. Brent
crude, used to price international oils, also gained 55 cents to $62.60 per
barrel in London.
CURRENCIES: The dollar recovered to 106.27 yen from 105.92 late Monday. The
euro rose to $1.2341 from $1.2267.