Asian markets mixed after Fed keeps rate unchanged

A currency trader walks by screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room in Seoul, South Korea, Thursday, Feb. 1, 2018. Asian markets were mixed on Thursday with Tokyo stocks higher as the yen weakened against the U.S. dollar. (AP Photo/Lee Jin-man)
A currency trader watches computer monitors at the foreign exchange dealing room in Seoul, South Korea, Thursday, Feb. 1, 2018. Asian markets were mixed on Thursday with Tokyo stocks higher as the yen weakened against the U.S. dollar. (AP Photo/Lee Jin-man)
A currency trader watches computer monitors near screen showing the foreign exchange rate between U.S. dollar and South Korean won, left, at the foreign exchange dealing room in Seoul, South Korea, Thursday, Feb. 1, 2018. Asian markets were mixed on Thursday with Tokyo stocks higher as the yen weakened against the U.S. dollar. (AP Photo/Lee Jin-man)

SEOUL, South Korea — Asian markets were mixed on Thursday with Tokyo stocks higher as the yen weakened against the U.S. dollar. Chinese markets declined after the U.S. Federal Reserve left its benchmark interest rate unchanged.

KEEPING SCORE: Japan's Nikkei 225 jumped 1.3 percent to 23,393.57 and South Korea's Kospi added 0.1 percent to 2,568.28. But Hong Kong's Hang Seng index dipped 0.1 percent to 32,843.20 and China's Shanghai Composite Index lost 0.9 percent to 3,449.93. Australia's S&P/ASX 200 rose 0.8 percent to 6,083.60. Stocks in Southeast Asia were mixed.

ANALYST'S TAKE: "Fed Chair Janet Yellen's last meeting prior to stepping down saw the Fed reinforcing their positive outlook over both the economy and inflation while unanimously voting to keep rates unchanged," Jingyi Pan, a market strategist at IG in Singapore, said in a daily commentary.

FED RATE: The Fed kept its key rate in a still-low range of 1.25 percent to 1.5 percent and said in a statement that it expects inflation to finally pick up this year, stabilizing around the Fed's target level of 2 percent. The Fed also indicated that it thinks the job market and the overall economy are continuing to improve.

WALL STREET: On Wednesday, U.S. stocks finished with marginal gains, ending a two-day losing streak. The Standard & Poor's 500 index rose 0.1 percent to 2,823.81. The Dow Jones industrial average added 0.3 percent to 26,149.39. The Nasdaq composite climbed 0.1 percent to 7,411.48. The Russell 2000 index of smaller-company stocks gave up 0.5 percent, to 1,574.98.

OIL: Benchmark U.S. crude rose 4 cents to $64.77 per barrel in electronic trading on the New York Mercantile Exchange. The contract gained 23 cents to settle at $64.73 per barrel on Wednesday. Brent crude, used to price international oils, added 5 cents to $68.94 per barrel in London.

CURRENCIES: The dollar rose to 109.36 yen from 109.20 yen. The euro strengthened to $1.2420 from $1.2411.

Must Read

Trudeau to visit Trump in Washington on Monday

Feb 10, 2017

Canadian Prime Minister Justin Trudeau will meet with U.S. President Donald Trump in Washington on...

Trudeau: Canada could stop dealing with Boeing...

Sep 18, 2017

Canadian Prime Minister Justin Trudeau is warning that his government could stop doing business...

Issues remain as 3rd round of NAFTA talks wraps...

Sep 27, 2017

Contentious issues remain in NAFTA renegotiations as the U.S., Canada and Mexico conclude a third...

US says NAFTA talks are progressing very slowly

Jan 29, 2018

U.S. Trade Rep. Robert Lighthizer says talks to rewrite the North American Free Trade Agreement are...

France's Le Pen lauds Ford decision as win for...

Jan 4, 2017

French far-right presidential candidate Marine Le Pen cheered Ford Motor Co.'s decision to shift...

About Us

Banking Reporter is the largest-circulated online business news in the United States, bringing a whole new genre of business journalism more up close and more incisive.

Contact us: sales[at]bankingreporter.com

Subscribe Now!