Stock market today: Asian shares slip after S&P 500 slips ahead of Fed interest rate decision

HONG KONG (AP) — Asian shares were mostly lower on Monday ahead of a Federal Reserve decision this week on interest rates.

U.S. futures gained while oil prices fell more than $1 a barrel. as concerns over an escalation of the Israel-Hamas war added to uncertainty over supplies.

The Israeli military’s ground forces conducted incursions into Gaza over the weekend and Prime Minister Netanyahu warned of a “long and difficult” war.

A mixed set of economic reports Friday didn’t appear to change Wall Street’s expectations that the Federal Reserve will keep its benchmark rate of above 5.25% unchanged at a meeting Wednesday.

A report showed that the Fed's preferred measure of inflation remained high last month, but within economists’ expectations. Spending by U.S. consumers was stronger than expected, even though growth in their incomes fell short of forecasts.

U.S. consumer expectations for inflation in the coming year are rising, up to 4.2% from 3.2% last month. That’s particularly concerning for the Fed, which fears such expectations could lead to a vicious cycle that worsens high inflation.

In Asian markets Monday, Tokyo’s Nikkei 225 index lost 1.3% to 30,591.03. There is speculation, given recent signs of sustained inflation, that the Bank of Japan may make adjustments to its monetary policy in a meeting that ends on Tuesday.

Over the weekend, more than 30 companies listed in China revealed intentions to conduct share buybacks and purchases after China announced a slew of measures aimed at stabilizing falling stock prices. The Hang Seng in Hong Kong fell 0.3% to 17,349.36 and the Shanghai Composite index rose 0.2% at 3,022.90.

Nominal retail sales in Australia rose 0.9% in September from August, data from the Australian Bureau of Statistics showed on Monday. This is the...