Oil Price Surge and AI Woes Spark Caution Ahead of Fed and BOJ Meetings
Asian stock markets wavered on September 15 as investors weighed the impact of Middle East tensions and calls for AI development slowdown. The region's shares struggled amid elevated oil prices, with US crude rising to $102.68 a barrel, up 1.27% from the previous day.
Renewed supply concerns kept markets on edge, with Gulf Arab states postponing planned talks with Iran following Yemen's Houthi rebels' attack on Saudi Arabia.
The Federal Open Market Committee began its two-day meeting, with markets pricing in a 90% chance of a rate hike. The Bank of Japan is expected to raise its interest rate by 25 basis points to 1.25% at the end of its meeting on Friday.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.12%, while Japan's Nikkei edged 0.19% higher. South Korean shares clawed back early losses, driven by bargain hunting in chip stocks.