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Asian stocks were mixed as traders awaited the Federal Reserve meeting. US Treasuries were steady, with yields near the seven-year highs reached in May.
Equity benchmarks fell in Japan, with the Topix index retreating from its highest in almost eight months. Stocks rose in Hong Kong as traders returned from a holiday, as well as in China and Australia. US stocks were mixed as oil drillers rallied with crude while industrial shares lagged.
President Donald Trump told the United Nations that the trade deficit with China “is just not acceptable,” in a reminder of deepening trade tensions. The dollar weakened slightly. Brent crude oil pulled back just below a four-year high.
Investors are seeking direction in the face of mounting political, trade and policy headwinds and what could be a long and bruising conflict between the US and China following the Asian nation’s decision to call off planned talks after the latest round of tariffs. Traders now turn to the Fed’s policy meeting, which will likely see the year’s third interest-rate increase and feature fresh projections for the next few years.
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