Shares in Asia fell on Tuesday despite another record high close for the S&P 500...
SHANGHAI - Shares in Asia fell on Tuesday despite another record high close for the S&P 500, as investors await a U.S. Federal Reserve policy decision for clues of whether it will continue to take a “patient” approach to interest rate policy.
MSCI’s broadest gauge of Asia-Pacific shares outside Japan was off 0.1 percent, weighed by weakness in Korean shares, which fell 0.4 percent. Asia’s wobbly open followed cautious gains on Wall Street overnight that nevertheless lifted the S&P 500 index to an intraday record high of 2,949.52. The index finished up 0.11 percent at a record closing high of 2,943.03.
The Fed is widely expected to leave interest rates unchanged, as it seeks to balance robust economic growth against low inflation. Investors will also be watching manufacturing data in China, which is expected to show a steady but modest expansion in activity for April.
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