Economic news

Asian shares edge lower, all eyes on Fed

Asian stocks dropped on Wednesday as traders awaited the second interest rate hike of the year by U.S. Federal Reserve.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped 0.5 percent, reversing the gains made following a historical meeting between U.S. and North Korean leaders.

Japan's Nikkei inched up 0.5 percent due to a slide in the yen and following a 0.17 percent surge in the U.S. S&P 500 overnight.

On Wall Street, technology shares extended their rally, with the Nasdaq Composite rising 0.57 percent to end at a record peak of 7,703. 

South Korea’s Kospi was virtually unchanged, while China’s stock benchmark in Shanghai was 0.5 percent lower.

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