Hong Kong Edges Down As Asian Markets Struggle

Hong Kong shares retreated in the morning session on Wednesday as profit-takers moved in while traders are also looking to the conclusion of a Federal Reserve policy meeting.

The Hang Seng Index was down 0.6 percent, to 30,910.

On the mainland, the Shanghai Composite Index gave up 0.8 percent, to 3,056 while the Shenzhen Composite Index lost 0.9 percent, to 1,744.

Tokyo's Nikkei ended the morning with 0.3 percent gains as exporters were lifted by the weaker yen.

Sydney dropped 0.6 percent and Singapore was 0.8 percent lower. There were also losses in Wellington, Manila and Bangkok.

The US dollar continued to enjoy support against most other currencies ahead of the Fed decision, with the pound hamstrung by British Prime Minister Theresa May's Brexit struggles after she made some big compromises to push through key legislation.

The euro is also slightly weaker ahead of the European Central Bank's own policy meeting on Thursday, where it is seen discussing winding in its crisis-era bond-buying stimulus.

Oil prices extended losses just over a week before OPEC and its partners including Russia meet in Vienna to talk about a production cap deal that has been key to a recovery in the commodity for the past two years. (AFP)

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