HONG KONG - Equities wavered in Asia on Thursday after the Federal Reserve lowered interest rates but left investors wondering how many more cuts were in the pipeline despite boss Jerome Powell warning about the struggling jobs market.
On the heels of recent economic reports showing weaker job growth, the US central bank said it would lower borrowing costs 25 basis points, its first reduction since December.
The 11-1 decision to cut -- US President Donald Trump's appointee Stephen Miran voted for a 50-point cut -- came even as inflation runs well above policymakers' two percent target, but analysts said the main focus was on jobs.
The bank's closely watched forecast for future rates showed some division on the path forward, with a narrow majority of the 19 officials assessing the outlook eyeing two more cuts but seven projecting none.
US markets ended on a tepid note, with the Dow up but S&P 500 and Nasdaq down.
Asian investors were also cautious.
Tokyo closed in the green as the Fed decision boosted the dollar against the yen and other currencies, helping Japanese exporters, while Shanghai retreated by day's end. Hong Kong's session ended in the red as well.
Seoul closed at a record high, fuelled by a tech stock surge led by Samsung Electronics and chipmaker SK hynix, which soared nearly six percent, following reports that China banned its tech firms from purchasing Nvidia chips.
Taipei and Manila rose, while there were losses in Sydney, Wellington, Singapore and Jakarta.
London, Paris and Frankfurt were up.
Gold prices held losses around $3,660, having spiked on Wednesday at a record above $3,707.