Asian markets mixed as traders eye US data, looming Fed meeting

AFP :

Asian markets were mixed Thursday after a tepid day on Wall Street, with traders looking forward to a string of US data that could help sway Federal Reserve officials ahead of their policy meeting next week.
While a hot consumer price index reading earlier this week did not rock optimism that interest rates will come down this year, analysts warned that could be tested if the producer prices index (PPI) comes in above forecast later in the day.
However, they also said equities could be range-bound until the Fed’s gathering is over.
Decision-makers are widely expected to stand pat again but their post-meeting statement and fresh outlook for rates will be pored over, with dealers seeing three reductions this year — in line with the Fed’s current forecasts.
“The PPI data typically doesn’t spark significant market movements,” said Stephen Innes at SPI Asset Management.
“Still, given traders’ ongoing concerns about pipeline inflation, another hotter-than-expected print could lead to minor turbulence.” Thursday will also see Washington release retail sales, jobless claims and consumer sentiment figures.