Asia shares drift lower after Fed meeting

SYDNEY (MarketWatch) — Asian shares declined on Wednesday, with commodity-sector firms under some pressure, after investors parsed the latest rate decision and comments from the U.S. Federal Reserve. 

Japan’s Nikkei Stock Average JP:NIK -0.41%  declined 0.6%, the Australian S&P/ASX 200 index AU:XJO +0.06%  lost 0.4% and South Korea’s Kospi KR:0100 -0.19%  slipped 0.4%. 

A decline on Wall Street, made after the Federal Reserve left rates unchanged and didn’t unveil new stimulus, set the stage for losses in Asia.  

“There were some observers who had hoped/expected some more signals about another round of asset purchases. This was not forthcoming,” said strategists at BNP Paribas.

Weaker-than-expected U.S. retail sales also dampened sentiment, while Europe’s debt troubles and the potential impact on global economic growth are an ongoing concern for investors. 

Against this backdrop, commodity futures were under pressure in electronic trading, with copper futures down 4 cents at $3.40 a pound, while gold futures fell $24.50 an ounce to $1,683.40. 

Mining giant BHP Billiton Ltd. AU:BHP -0.36% BHP -2.85%  lost 1.1% in Australian trading, extending weekly losses to 1.2%, while Australian iron ore producer Fortescue Metals Group Ltd. AU:FMG +0.65% FSUMY -1.92% declined 1.3%. 

Trading lower in Tokyo, steelmaker JFE Holdings Inc. JP:5411 -1.87% JFEEF +8.17%  fell 1.8%, while Nippon Steel Corp. NISTY -1.56% JP:5401 -1.03%  shares were down 1.2%. 

Automakers were also weak in Japan, with Honda Motor Co. JP:7267 -2.35% HMC -3.17%  down 1.5% and Mazda Motor Corp. JP:7261 -0.70% MZDAF +3.37%  losing 0.9%. 

Technology firms trading lower in South Korea included Samsung Electronics Co. SSNLF +4.38% , down 1.6%, while LG Electronics Inc LGEIY 0.00%  lost 1.2%. 

Source; http://www.marketwatch.com/story/asia-shares-drift-lower-after-fed-meeting-2011-12-13