Caution is the word on Asian markets ahead of Fed minutes

Sydney — Asian shares flatlined on Wednesday as worry about global recession and endless trade wars vied with the hope for a lot more monetary and fiscal stimulus to keep growth going.

Morgan Stanley economist Ellen Zentner advised clients to watch for the use of the word “somewhat” when Fed chair Jerome Powell describes further policy adjustments. With so much riding on the Fed, investors were understandably cautious. MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of flat after three straight days of gains.

His strongly worded remarks came hours before his government announced approval of an $8bn sale of Lockheed Martin F-16 fighter jets to Taiwan, a move sure to draw Beijing’s ire and further dim prospects for a quick trade deal.

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