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Asian shares lower ahead of Fed meeting Asian shares lower as caution sets in
(about 3 hours later)
Shares in Asia were largely in negative territory with investors cautious ahead of the outcome of the US Federal Reserve's monetary policy meeting. Shares in Asia were mostly lower as investors remained cautious ahead of the outcome from the US Federal Reserve's monetary policy meeting.
The central bank is not expected to raise rates, but investors will be watching out for any clues on the timing of a rate increase. The central bank is not expected to raise rates, but investors will be watching for any clues on the timing of an interest rate increase.
In Australia, the benchmark S&P/ASX 200 closed down 0.21% at 5,335.20 points. In Australia, the benchmark S&P/ASX 200 closed down 0.2% at 5,335.20 points.
Shares in one of the country's biggest lenders, National Australia Bank, closed down 2.16%. Shares of the country's biggest lender by assets, National Australia Bank, closed down 2.2%.
Investors were disappointed after the bank's cash earnings for the period missed expectations. NAB posted a 15.5% rise in full-year cash profit to 5.84bn Australian dollars ($4.15bn; £2.71bn) against forecasts of about A$6bn. Investors were disappointed after the bank's cash earnings for the period missed expectations.
Australia's headline consumer price index also came in less than expected for the three months to September, rising 0.5% quarter on quarter. Analysts said the number may see Australia's central bank cut its lending rates again. NAB posted a 15.5% rise in full-year cash profit to 5.84bn Australian dollars ($4.15bn; £2.71bn), below forecasts of about A$6bn.
Australia's headline consumer price index also came in less than expected for the three months to September, rising 0.5% quarter on quarter. Analysts said the number may see the country's central bank cut lending rates again.
"The fact that inflation is lower than expected and below target, despite a 20% plus fall in the value of the [Australian dollar] over the last year adds to the case for the RBA [Reserve Bank of Australia] to cut the cash rate again in order to offset the potential negative impact on the economy of big bank mortgage rate hikes," said AMP Capital's chief economist Shane Oliver."The fact that inflation is lower than expected and below target, despite a 20% plus fall in the value of the [Australian dollar] over the last year adds to the case for the RBA [Reserve Bank of Australia] to cut the cash rate again in order to offset the potential negative impact on the economy of big bank mortgage rate hikes," said AMP Capital's chief economist Shane Oliver.
In China, the Shanghai Composite was down 0.84% at 3,405.90 in afternoon trade, while Hong Kong's Hang Seng index was down 0.53% at 23,016.86. Rest of Asia
In South Korea, the benchmark Kospi index closed down 0.10% at 2,042.51. In China, the Shanghai Composite closed down 1.7% at 3,375.20, while Hong Kong's Hang Seng index dropped 0.8% to 22,956.57.
The one bright spot in the region was Japan's benchmark Nikkei 225, which closed up 0.67% at 18,903.02 ahead of several company earnings due out later. South Korea's benchmark Kospi index closed down 0.1% at 2,042.51.
Speculation that Japan's central bank may expand its stimulus measures when it meets on Friday may have fuelled investor sentiment, analysts said. The one bright spot in the region was Japan's Nikkei 225 index, which closed up 0.7% to 18,903.02 ahead of company earnings due out later.
Speculation that Japan's central bank may expand its stimulus package when it meets on Friday may have also fuelled investor sentiment, analysts said.