Stock market today: Asian benchmarks are mixed while US seems committed to current rates

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Asian shares are trading mixed after most U.S. stocks slipped on firmer expectations that the Fed is committed to its current rate practices. Shares fell in Tokyo and Hong Kong in Wednesday afternoon trading, while being little changed in Seoul and Sydney. Shares rose in Shanghai. On Wall Street, the S&P 500 fell 0.

Currency traders pass by the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 17, 2024. A currency trader watches monitors near the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, April 17, 2024.

“Appetite for risk-taking remains weak, with Federal Reserve Chair Jerome Powell validating a later timeline for rate cuts, alongside a raft of Fed speakers calling for more patience in easing,” said Yeap Jun Rong, market analyst at IG. “The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said, referring to a string of reports this year that showed

But yields later pared their gains as the afternoon progressed, and the two-year yield drifted back to 4.98%. That’s still up from 4.91% late Monday. The stock of Donald Trump’s social-media company also slumped again. Trump Media & Technology Group fell another 14.2% to follow up on its

 

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