Asian Stocks Mixed Before Fed; Treasuries Steady: Markets Wrap

(Bloomberg) -- Stocks in Asia traded mixed Wednesday as investors awaited the outcome of the Federal Reserve’s policy meeting, where it’s widely expected to cut interest rates again. Treasuries were steady after recent gains.Shares slipped in Tokyo and Sydney, were little changed in Hong Kong and ticked higher in Seoul and Shanghai. U.S. futures edged lower. Ten-year Treasury yields held around 1.80% after retreating for a second session Tuesday, when the Fed acted to calm money markets. Oil extended a retreat as Saudi Arabia restarted the plant damaged in a weekend attack.“There is some recognition that there are reasons to not assume the Fed is just going to cut its way to oblivion,” Alec Young, managing director for global markets research at FTSE Russell, told Bloomberg TV. “There is less urgency than there was a couple of months ago,” though most people do still expect a quarter-point cut, he added.As U.S. policy makers get ready to decide on interest rates, investors are also trying to gauge the risk of a potential oil shortage weighing on the global economy. Meanwhile, concerns linger about trade tensions, with U.S. and Chinese working-level negotiators set to resume talks ahead of a meeting of top officials in October.Elsewhere, Italian bonds fell after former Prime Minster Matteo Renzi left the Democratic Party, raising the prospect of further political instability.These are some key events to keep an eye on this week:The Federal Reserve is widely expected to lower U.S. interest rates in response to slowing global economic growth and muted inflation. Chairman Jerome Powell will hold a post-decision press conference Wednesday.The Bank of Japan monetary policy decision is on Thursday, followed by a briefing from Governor Haruhiko Kuroda.Bank Indonesia and Bank of England also decide policy on Thursday.Australia jobs figures are out Thursday.Friday is quadruple witching day for U.S. markets. When the quarterly expiration of futures and options on indexes and stocks occurs on the same day, surging volatility and trading can follow.Here are the main moves in markets:StocksThe MSCI Asia Pacific Index was little changed at 12:25 a.m. in Tokyo.Japan’s Topix index fell 0.4%.South Korea’s Kospi rose 0.5%.Hong Kong’s Hang Seng fell 0.1%.The Shanghai Composite gained 0.4%.The S&P 500 Index rose 0.3% Tuesday. Futures fell 0.1%.Australia’s S&P/ASX 200 Index slid 0.3%.CurrenciesThe yen fell 0.1% to 108.24 per dollar.The offshore yuan held at 7.0854 per dollar.The Bloomberg Dollar Spot Index rose 0.1%.The euro was little changed at $1.1067.The British pound bought $1.2480, down 0.1%.BondsThe yield on 10-year Treasuries edged up to 1.81%.Australia’s 10-year yield held at 1.13%.CommoditiesGold was steady at $1,502 an ounce.West Texas Intermediate crude dropped 0.5% to $59.04 a barrel.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Joanna Ossinger, Cormac MullenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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