U.S. stock indexes retreated from their records Wednesday as concerns about high finance charge rates weighed on the industry.
The S&P 500 fell 14.40 points, or 0.3%, to 5,307.01, a day after setting its latest all-time high. The Dow Jones Industrial Average sank 201.95, or 0.5%, to 39,671.04, and the Nasdaq composite slipped 31.08, or 0.2%, to 16,801.54 after after setting its latest record.
Asia-Pacific markets were mixed after minutes of the last U.S. Federal Reserve meeting revealed Fed officials’ concerns over sticky inflation, with members seemingly getting cold feet on possible finance charge rate cuts. South Korea’s central money institution held its benchmark policy rate at 3.5% as estimated in a Reuters poll. The BOK is expected to cut by 50 basis points in the fourth quarter, according to a Reuters poll from May 21. Singapore’s final first-quarter gross domestic figures remained unchanged from its advance estimate of 2.7%. Investors also assessed flash company activity data from Australia and Japan.
Japan’s Nikkei 225 climbed 0.6%, while the broad-based Topix gained 0.2%. In contrast, South Korea’s Kospi slid 0.33%, while the small-cap Kosdaq reversed losses and rose 0.22% after the BOK’s decision. The Australian S&P/ASX 200 lost about 0.8%. Hong Kong’s Hang Seng index shed 1.54%, while the CSI 300 index dropped 0.38%.
Meanwhile, GIFT Nifty traded lower as the index was down 54.50 points or 0.24% at 22,639.50 indicating a red start for domestic indices NSE Nifty 50 and BSE Sensex today.
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