Asian Shares Mixed As Investors Await Fed Rate Decision

(RTTNews) - Asian stocks ended mixed on Wednesday ahead of the U.S. Federal Reserve's interest-rate decision under Chairman Kevin Warsh later in the day and Friday's signing of the U.S.-Iran interim peace agreement.

The signing of the Memorandum of Understanding in Switzerland is likely to pave the way for a 60-day negotiating period to address key issues that have plagued U.S.-Iran diplomacy for decades.

The framework may rapidly unlock Iranian oil exports, channel funds into its economy and begin a phased rollback of sanctions in exchange for nuclear curbs.

Meanwhile, the Fed is seen holding rates steady today despite concerns over persistent inflation. With investors focused on macroeconomic conditions and policy direction, all eyes will be on Kevin Warsh's first FOMC press conference.

The dollar eased in Asian trading and gold was little changed at $4,330 an ounce while Brent crude futures fell toward $78 a barrel on optimism for an end to the U.S.-Iran war and a possible reopening of the Strait of Hormuz, crucial for oil and gas transit worldwide.

China's Shanghai Composite index edged up by 0.40 percent to close at 4,108.08 after a choppy session.

Hong Kong's Hang Seng index fell 0.74 percent to 24,312.16. HSBC shares rallied 1.4 percent after the lender announced it would use Google Cloud to roll out artificial intelligence across its global operations.

Japanese markets advanced as data showed Japan's exports grew at their fastest pace since November 2022 in May, helped in part b strong demand for cars and high-tech products.