Most Asian indexes advance as investors await Fed meeting


Gold hit a two-and-a-half-week low on Monday as the dollar rose ahead of a two-day Federal Reserve meeting and as global equities surged. The precious metal was off 0.4 per cent at $1,314.43 an ounce.

Silver prices have also been correcting lower over the last few days, following the trend in the gold prices and it now trades just above the $17.5 region.

However, Nirmal Bang Commodity Research believes gold prices are expected to trade sideways from Rs 29,400-29,700 per 10 gram.

The stock was the biggest loser on the consumer discretionary index .SPLRCD Tesla TSLA.O was down more than 2.3 percent after Jefferies started coverage of the electric vehicle maker's stock with "underperform".

USA equity investors could rotate out of high-yielding sectors and into stocks of banks, which would benefit from the next leg up in interest rates, after the Federal Reserve's policy-setting meeting wraps up on Wednesday. And as far as the currency impact in imports, a weaker US dollar makes foreign goods more expensive.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%. The August advance reading was the largest monthly rise since the index rose by 0.8% in June 2016.

LONDON: The UK's top share index advanced on Monday, rebounding from the previous session's four-month low as shares in financials rose and higher oil prices boosted energy shares, while late comments from Bank of England governor Mark Carney helped cement gains.

The Federal Reserve Open Market Committee (FOMC) will be having its two-day meeting on September 19 and 20, at which the bank is widely expected to announce the start of a cutback to its $4.4 trillion balance sheet.

USA stocks notched solid gains last week, with the Dow posting best weekly performance since December, as investors mainly focused on economic data.

Shanghai gained 0.1 percent, while Singapore and Sydney each gained 0.2 percent. "Bank stocks, which no longer carry their postelection policy premium, are poised to profit from higher yields and a steeper curve", Goldman wrote on Friday.

Sentiment has also been affected as Hurricane Maria, the second major storm to hit the Caribbean this month, caused major devastation in the small island nation of Dominica, Reuters reported.

US crude oil prices CLc1 edged up 2 cents to settle at $49.91 a barrel, after hovering near multimonth highs.

The country's PSEi Composite gained nearly 1.4 percent, hitting an all-time high of ₱8,294.14. However, Hong Kong eased 0.2 percent after a more than one percent jump Monday, while Seoul dipped 0.1 percent.