ASIA STOCKS STEADY AS FED MEETS

Asian stocks saw muted trading Wednesday after their US peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve. Crude oil traded at the highest since 2018, Andreea Papuc reported for Bloomberg News.

Shares were modestly higher in Japan and Australia, while South Korean stocks led gains. Hong Kong and Chinese equities slipped. U.S. futures were little changed. Earlier, weakness in the technology and real estate sectors helped snap a three-day winning streak for S&P 500 Index.

Copper reversed gains after China ordered state firms to curb overseas commodities exposure as the government seeks to exercise control over soaring raw materials prices. The 10-year Treasury yield held around 1.5%. The dollar was steady versus major peers.

S&P 500 futures were little changed as of 1:15 p.m. in Tokyo. The S&P 500 fell 0.2%.

Nasdaq 100 futures were little changed. The Nasdaq 100 fell 0.7%. Japan’s Topix index was 0.1% higher. South Korea’s Kospi index was up 0.5%. Australia’s S&P/ASX 200 climbed 0.1%.

Hang Seng Index dipped 0.2%. Shanghai Composite Index slipped 0.8%. Euro Stoxx 50 futures were little changed. The yen was little changed at 110.10 per dollar. The offshore yuan was at 6.4058 per dollar.

The Bloomberg Dollar Spot Index was little changed. The euro was little changed at $1.2123.

The yield on 10-year Treasuries was little changed at 1.50%. Australia’s 10-year bond yield rose about three basis points to 1.53%.

West Texas Intermediate crude rose 0.9% to $72.75 a barrel. Gold was at $1,858.63 an ounce, Vildana Hajric and Claire Ballentine reported for Bloomberg News.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC