Shares Surge Ahead of Fed's Decision   10/29 05:06

   World shares were mostly higher Wednesday ahead of an interest rate decision 
by the U.S. Federal Reserve.

   BANGKOK (AP) -- World shares were mostly higher Wednesday ahead of an 
interest rate decision by the U.S. Federal Reserve.

   Japan's benchmark Nikkei 225 index surged more than 2% to another record as 
U.S. President Donald Trump continued his charm offensive in Asia.

   His upbeat comments on relations with major economies like Japan and China 
have helped stoke market rallies as U.S. stocks push further into record 
heights.

   Germany's DAX edged 0.1% lower to 24,263.51, while the CAC 40 in Paris was 
flat, at 8,214.15. Britain's FTSE 100 picked up 0.5% to 9,744.44.

   The future for the S&P 500 was up 0.1% while that for the Dow Jones 
Industrial Average slipped 0.3%.

   Later Wednesday, the Federal Reserve was to announce its latest move on 
interest rates.

   Investors expect the Fed to announce a rate cut given the slowing job 
market. It would be the second time this year that it's lowered the federal 
funds rate.

   Given the lack of statistical updates due to the nearly monthlong U.S. 
government shutdown, Fed officials may opt for caution, analysts said.

   "In the absence of fresh data, policymakers are effectively acting 
half-blind, but the market widely expects a 25-basis-point rate cut," Ipek 
Ozkardeskaya of Swissquote said in a commentary.

   In Asian trading, Tokyo's Nikkei 225 jumped 2.2% to 51,307.65.

   After a visit in Japan that culminated in $490 billion in investment 
commitments, President Donald Trump met with South Korea's leader on Wednesday, 
though a trade deal with that country appeared more elusive.

   Top officials in Washington and and Seoul say the sticking point for an 
agreement continues to be the logistics behind Trump's demand that South Korea 
invest $350 billion in the United States.

   Still, South Korea's Kospi rose 1.8% to 4,081.15.

   The Shanghai Composite index surged 0.7% at 4,016.33. It has been trading 
near decade highs ahead of Trump's expected meeting with Chinese leader Xi 
Jinping on the sidelines of a regional summit in South Korea.

   Trump and Xi have been locked in an escalating trade war, with Washington 
imposing high tariffs and tightened technology controls and China retaliating 
with curbs on rare earth shipments, one of its key sources of leverage.

   The fact that a meeting is planned suggests there is room for some progress 
in easing tensions, experts say.

   Australia's S&P/ASX 200 declined 1% to 8,926.20 after the release of higher 
than expected inflation data, an annual rate of 3.2%, dashed hopes for an 
interest rate cut anytime soon.

   Taiwan's Taiex gained 1.2% and India's Sensex rose 0.4%.

   On Tuesday, the S&P 500 added 0.2% and the Dow industrials rose 0.3%. The 
Nasdaq composite climbed 0.8%. All three indexes set all-time highs for a third 
straight day.

   Microsoft Corp. was one of the strongest forces lifting the market, rising 
2% and once again surpassing $4 trillion in valuation. It joined artificial 
intelligence chipmaker Nvidia in the exclusive club that also briefly included 
Apple on Tuesday. The sky-high valuations highlight the investor frenzy around 
artificial intelligence.

   Amazon, meanwhile, rose 1% after saying it will cut about 14,000 corporate 
jobs, or about 4% of its corporate workforce, as it ramps up spending on 
artificial intelligence while cutting costs elsewhere.

   In other dealings early Wednesday, U.S. benchmark crude oil inched up 11 
cents to $60.26 a barrel. Brent crude, the international standard, rose 13 
cents to $63.96 a barrel.

   The U.S. dollar rose to 152.24 Japanese yen from 152.11 yen. The euro 
slipped to $1.1644 from $1.1651.