GLOBAL MARKETS-Asian shares slip after mixed Wall Street session

By Chibuike Oguh
June 10 (Reuters) - Asian equities slipped on Wednesday
after most U.S. stocks pared gains made during their recent
rally, although the Nasdaq benchmark reached its second straight
day at a record high as oil prices rose.
Investors adopted a more cautious stance as attention turned
to the U.S. Federal Reserve, which wraps up its two-day meeting
later on Wednesday.
"Markets have taken a pause given the run-up we've had in
recent weeks," said Charlie Ripley, senior investment strategist
at Allianz Investment Management. "If you look at past Fed
meetings it has been gloomy so it would be interesting to see
the data they put forward given the jobs report."
Australian S&P/ASX 200 .AXJO fell 0.4%, Japan's Nikkei 225
index .N225 lost 0.8% and South Korea's KOSPI .KS11 slipped
0.3%.
No major policy announcements are expected from the Fed, but
the U.S. central bank will issue its first economic projections
since December. Investors will be watching as the Fed attempts
to gauge the economic cost of widespread pandemic-related
lockdowns, as well as any hints of future stimulus.
The Nasdaq's .IXIC 0.3% gain came on the back of strong
gains in tech-related shares, a day after the index became the
first major Wall Street index to confirm a new bull market.
Apple AAPL.O , up 3.2%, gave the Nasdaq its biggest boost on
Tuesday. But the Dow and S&P 500 benchmarks both fell. Financial
.SPSY and industrial .SPLRCI shares, which have been among
stocks that have surged in recent weeks on hopes of an improved
economic outlook, were the biggest drags on the S&P 500 on
Tuesday.
The Dow Jones Industrial Average .DJI fell 1.09% and the
S&P 500 .SPX declined 0.78%.
MSCI's gauge of stocks across the globe .MIWD00000PUS fell
0.5%, about 6% below its all-time peak in February.
Oil prices closed higher as concerns about a resurgence in
coronavirus cases were offset by recent commitments from the
major oil producers to rein in production.
Brent oil futures LCOc1 rose 38 cents to settle at $41.18
a barrel, while U.S. crude CLc1 settled up 75 cents at $38.94.
In currency markets, the safe-haven yen JPY= and Swiss
franc CHF= both gained against the dollar for a second
straight day this week.
The yen rose to one-week highs against the greenback, while
the Swiss franc climbed to its highest in more than two months
versus the greenback.
Latin American stocks and currencies were down Tuesday as
investors cashed in after a recent rally. Regional currencies
weakened ahead of the Fed meeting.
The declines weighed on the broader emerging markets shares
benchmark .MSCIEF , which was up 0.2%. The broader Latin
American shares benchmark .MILA00000PUS was down 0.85%.
Gold jumped 1.2% on Tuesday as investors sought refuge in
the safe-haven asset as they await remarks from the Fed meeting.
U.S. gold futures GCcv1 settled up 1% to $1,721.90 an ounce.

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