Asian shares mostly weaker as markets mull Fed rate rise

The Fed's July decision will be announced later on Wednesday following its two day meeting. The benchmark rate is expected to be lifted to a range between 5.25% and 5.5%.

"A follow-up hike is partially priced in over the second half, but we think this will be the last hike this cycle," the economists said, adding ANZ did not expect a U.S rate cut until the second quarter of 2024.is still being mulled by investors after the country's top leaders this week flagged policy support for the COVID-ravaged economy.

"There is discussion among investors as to whether China could implement an old-school stimulus in the property sector and look to support developers, which is positive for steel consumption and producers," said Karen Jorritsma, head of equities in Australia at RBC Capital Markets. The dollar rose 0.02% against the yen to 140.93 . It is still some distance from its high this year of 145.07 on June 30.

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