Asian Markets Subdued as Fed Hints End to Bond-Buying

Asian markets posted marginal losses after Wall Street shares were down on concerns that the US Federal Reserve would begin slowing its bond-buying programme in the coming months.

China's Shanghai composite index was down 0.1% or 2.95 points to 2254.75, after rising in early trade, supported by realty stocks. Japan's Nikkei average shed 0.3% or 47.15 points, to 15084.39, a second day of losses as the index was pulled down by tech sector bluechips.

Australia's S&P/ASX index shed its early gains, supported by mining and banking stocks and was down 0.5% or 28 points to 5193.7. The Hong Kong and South Korean markets remain closed for a holiday.

The S&P 500 was down 0.5% after Fed said a possible roll back of the bond-buying programme could happen as early as this summer, which allowed the greenback to gain against major currencies.

Sony lost 1.4% after data showed the US videogame-console sales dived 42% in April, from the year-ago period, as customers awaited new devices from Sony and rivals Nintendo and Microsoft. Nintendo lost 1.5%.

Tech stocks Advantest lost 1%, Pioneer fell 3.4% and Tokyo Electron was down 3.2% lower. Asahi Group Holdings lost 2.2%

In Australia, gold miner Newcrest Mining lost 2.4% after bullion prices dropped to a four-week low. Miners Rio Tinto and BHP Billiton gained 0.3% and 2%, respectively, after July copper futures rose 0.9% the previous day.

Uranium extractor Paladin Energy gained 3.3%, while Fortescue Metals Group moved up 1.9%.

Commonwealth Bank of Australia, the ASX 200's most heavily weighted stock, rose 0.6%, while Australia & New Zealand Banking Group moved up 1.4%. QBE Insurance Group gained 1.8%.

Engineering major WorleyParsons dropped 11% after cutting its profit guidance, citing lower demand for resource infrastructure.

In Shanghai, Poly Real Estate Group rose 2.2%, while Gemdale was up 2.8%. Top mainland Chinese developer China Vanke gained 2% on the Shenzhen Stock Exchange.