Asian shares lower after Fed's statement

| Updated: October 24, 2017 09:36:43

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Asian shares were mostly lower and the dollar strengthened Thursday after the Fed said it would start trimming its bond holdings and planned one more interest rate increase this year.


Japan's benchmark Nikkei 225 added 0.7 per cent to 20,453.68 as the yen weakened against the dollar, benefiting shares of exporters. But other indexes in the region fell.


South Korea's Kospi slipped 0.2 per cent to 2,407.39. Hong Kong's Hang Seng index slipped 0.1 per cent to 28,072.92 and the Shanghai Composite dipped 0.1 per cent to 3,361.72.


Australia's S&P/ASX 200 fell 0.7 per cent to 5,668.90, according to AP.


Major US benchmarks finished mostly higher. The S&P 500 index inched up 0.1 per cent to 2,508.24 and the Dow Jones industrial average rose 0.2 per cent to 22,412.59.


The Nasdaq composite lost 0.1 per cent to 6,456.04.


The dollar rallied against its peers after the Fed statement, rising to a nearly two-month high of 112.53 yen from 112.23 yen on Wednesday. The euro weakened to $1.1873 from $1.1892.


Oil futures snapped their rally. Benchmark US crude dipped 3 cents to $50.66 a barrel added in electronic trading on the New York Mercantile Exchange. The contract rose 93 cents, or 1.9 per cent, to settle at $50.41 a barrel on Wednesday.


Brent crude, used to price international oils, gained 14 cents to $56.15 a barrel in London.

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