Asian shares turned lower on Thursday
Asian shares turned lower on Thursday after the U.S. Federal Reserve cut interest rates as expected but signaled a higher bar to further policy.
- MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.36%.
- Hong Kong shares shed 0.96%, but Japan’s Nikkei rose 1.01%.
- U.S. stock futures fell 0.23% in Asia on Thursday.
- The S&P 500 reversed losses to end 0.03% higher after Powell said he did not see an imminent recession or think the Fed will adopt negative rates.
- The yield on benchmark 10-year Treasury notes rose to 1.8013%.
- The two-year yield rose to 1.7703%.
- The yen rose around 0.3% to 108.14 per dollar.
- The Australian dollar fell 0.5% to $0.6793 after data showed the nation’s jobless rate rose slightly to 5.3% in August, bolstering expectations for the central bank to cut rates.
- Sterling traded at 88.50 pence per euro, near its strongest level since May 30. The pound was little changed at $1.2467.
- U.S. crude futures rose 0.24% to $58.25 per barrel.