Asia stocks slip on weaker Wall Street, Fed awaited

Tue Oct 27, 2015 7:59pm EDT
 
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By Shinichi Saoshiro

TOKYO (Reuters) - Asian stocks slipped early on Wednesday, taking cues from an overnight decline on Wall Street while a wait-and-see mood prevailed ahead of a policy statement from the U.S. Federal Reserve due later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS declined by 0.3 percent.

Australian shares .AXJO lost 0.3 percent.

On Wall Street, the Dow .DJI fell 0.2 percent and the S&P 500 .SPX retreated 0.3 percent.

Closely watched earnings from Apple Inc AAPL.O released late on Tuesday showed the company paint a rosy picture for its new iPhones but a quarterly slowdown of overall sales in China cast doubt on the robustness of Apple's legendary profitability.

Apple shares initially rose after hours as it beat sales and profit forecasts, but they gave up those gains later as concerns crept in.

In currencies, the dollar treaded water against the yen and euro before the Fed's policy decision is known.

"No one expects the Federal Reserve to hike on Wednesday and we would not be surprised if they refrained from providing any clear signal about their intention to raise interest rates before the end of the year," wrote Kathy Lien, director of FX strategy for BK Asset Management.   Continued...

 
Passersby are reflected on a screen displaying  stock quotation, the stock market indices of various countries (bottom R) and exchange rates (top R) at a brokerage in Tokyo, Japan, September 29, 2015. REUTERS/Issei Kato