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| Version 1 | Version 2 |
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| Asian shares lack direction ahead of US Fed meeting | Asian shares lack direction ahead of US Fed meeting |
| (34 minutes later) | |
| Shares in Asia were steady ahead of an unscheduled US Federal Reserve meeting later on Monday. | |
| The board of governors meeting was called to review the advance and discount interest rates charged to commercial banks, among others. | |
| There has been much speculation around whether or not the Fed will raise its benchmark interest rate in December. | |
| The benchmark is a separate target for the rate at which big banks lend reserves to each other overnight. | |
| Analysts said a move on the advance and discount rate later on Monday could be indicative of a benchmark interest rate rise by the end of the year. | |
| Australia's S&P/ASX 200 index was up 0.4% at 5,277.20 points. | |
| Evan Lucas of IG Markets said the Sydney market was the best-performing developed market globally last week. | Evan Lucas of IG Markets said the Sydney market was the best-performing developed market globally last week. |
| "This is likely to be down to two factors: volatility collapsing on central bank expectations and the fact that yield in Australian or even US dollars is the highest in the Asian world," he said. | "This is likely to be down to two factors: volatility collapsing on central bank expectations and the fact that yield in Australian or even US dollars is the highest in the Asian world," he said. |
| However, Mr Lucas said that mining shares in Australia - especially BHP Billiton - could be hit this week after iron ore fell to $44.91 a tonne on Friday - the second-lowest read of the year. Iron ore is Australia's biggest commodity export. | |
| BHP's Sydney-listed shares were down 2.46%, while mining giant Rio Tinto's shares were down 1.36%. | |
| South Korea's benchmark Kospi index was up 0.35% at 1,996.1 points. | South Korea's benchmark Kospi index was up 0.35% at 1,996.1 points. |
| Elsewhere in Asia | Elsewhere in Asia |
| China's two mainland stock exchanges - the Shanghai and Shenzhen indexes - said last week that new rules would come into effect on Monday aimed at limiting leveraged bets on the market and reducing speculative behaviour by investors. | China's two mainland stock exchanges - the Shanghai and Shenzhen indexes - said last week that new rules would come into effect on Monday aimed at limiting leveraged bets on the market and reducing speculative behaviour by investors. |
| The intention is to reduce the amount that investors can borrow against their existing holdings - a step that analysts said was responsible and would help avoid so-called bubbles. | The intention is to reduce the amount that investors can borrow against their existing holdings - a step that analysts said was responsible and would help avoid so-called bubbles. |
| Reaction to the new rules was subdued, however, with the Shanghai benchmark index up 0.36% at 3,633.01. | |
| In Hong Kong, the Hang Seng index was down 0.24% at 22,703.06. | |
| Japan's benchmark Nikkei index was closed on Monday for a public holiday. | Japan's benchmark Nikkei index was closed on Monday for a public holiday. |