Trader Gerard Farco watches a television on the floor of the New York Stock Exchange showing the rate decision of the Federal Reserve, Wednesday, Nov. 1, 2017. With a new Federal Reserve leader about to be announced, the Fed is keeping its key interest rate unchanged. (AP Photo/Richard Drew)
The Associated Press
SEOUL, South Korea (AP) - Asian stock markets were mostly lower on Thursday as investors awaited President Donald Trump's announcement on his choice to lead the Federal Reserve, shrugging off the results of a Fed meeting that were in line with their expectations. Some markets were pressured by investors locking in profits from recent gains.
KEEPING SCORE: Tokyo's Nikkei 225 added 0.2 percent to 22,458.30 while South Korea's Kospi fell 0.3 percent to 2,550.06 as investors took a breather from the latest winning streak. Hong Kong's Hang Seng index sagged 0.1 percent to 28,570.81. The Shanghai Composite Index fell 0.6 percent to 3,376.27. Australia's S&P/ASX 200 was flat at 5,939.40. Stocks in Singapore were lower but elsewhere in Southeast Asia, they were higher.
FED WATCH: The Federal Reserve kept its interest rates steady at their low levels as widely expected. It upgraded its outlook for the U.S. economy, saying that the world's largest economy is rising "at a solid rate," a term stronger than "moderate" rate used in September. That reinforced the belief the Fed will hike interest rates in December. President Donald Trump is expected to name a successor to Fed Chair Janet Yellen later Thursday. At a Cabinet meeting Wednesday, Trump indicated it would be a "new head," not Yellen. "I think you'll be extremely impressed by this person," Trump said, according to a White House transcript of the meeting.
ANALYST'S TAKE: "Market participants are waiting for the nomination of the next Fed chair to assess future monetary policy shifts," said Margaret Yang Yan, a market analyst at CMC Markets in Singapore. "Current Fed governor Jerome Power is believed to be the most promising candidate, who will likely bring certainty and consistency to the rate hike path."
WALL STREET: U.S. stock markets finished mixed on Wednesday. The Standard & Poor's 500 rose 0.2 percent to 2,579.36. The Dow Jones industrial average gained 0.3 percent to 23,435.01. But the Nasdaq composite fell 0.2 percent to 6,716.53. The small-cap Russell 2000 index lost 0.7 percent to 1,492.78.
OIL: Benchmark U.S. crude rose 2 cents to $54.32 per barrel in electronic trading on the New York Mercantile Exchange. The contract settled at $54.30 per barrel on Wednesday, down 8 cents. Brent crude, the international standard, gained 9 cents to $60.58 per barrel in London. It fell 45 cents to $60.49 on Wednesday.
CURRENCIES: The dollar fell to 113.93 yen from 114.17 yen while the euro rose to $1.1651 from $1.1621.
Argentine cement producer Loma Negra's CEO Sergio Faifman, third from left, is cheered as he rings a New York Stock Exchange opening bell, Wednesday, Nov. 1, 2017, to commemorate his company's IPO. (AP Photo/Richard Drew)
The Associated Press
Argentine cement producer Loma Negra's CEO Sergio Faifman, third from left, is cheered as he rings a New York Stock Exchange ceremonial bell, Wednesday, Nov. 1, 2017, to commemorate his company's IPO start of trading. (AP Photo/Richard Drew)
The Associated Press
The Argentine and U.S. flags are lowered to half-staff on the facade of the New York Stock Exchange, Wednesday, Nov. 1, 2017. The Argentine foreign ministry has identified the five of its citizens killed in the bike path attack near the World Trade Center on Tuesday. (AP Photo/Richard Drew)
The Associated Press
Traders pause for a moment of silence on the floor of the New York Stock Exchange, Wednesday, Nov. 1, 2017, in the wake of the terrorist attack in New York Tuesday. (AP Photo/Richard Drew)
The Associated Press
Trader Peter Tuchman, left, and New York Stock Exchange President Tom Farley don caps marking "Dow 23,500," on the trading floor as the index crosses the milestone, Wednesday, Nov. 1, 2017. Stocks around the world continued to push higher Wednesday, led by companies that extract oil and other commodities from the ground. (AP Photo/Richard Drew)
The Associated Press
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Wednesday, Nov. 1, 2017. Stocks around the world continued to push higher Wednesday, led by companies that extract oil and other commodities from the ground. (AP Photo/Richard Drew)
The Associated Press
Trader James Riley, center, works on the floor of the New York Stock Exchange, Wednesday, Nov. 1, 2017. Stocks around the world continued to push higher Wednesday, led by companies that extract oil and other commodities from the ground. (AP Photo/Richard Drew)
The Associated Press
FILE - In this Friday, Nov. 13, 2015, file photo, the American flag flies above the Wall Street entrance to the New York Stock Exchange. U.S. stocks are rising Wednesday, Nov. 1, 2017, after a survey showed a rebound in hiring by private companies in October and energy companies are rising with the price of crude oil. Estee Lauder is among the companies rising after a strong quarterly earnings report. (AP Photo/Richard Drew, File)
The Associated Press