Asian shares slip ahead of Fed interest rate decision

By ELAINE KURTENBACH
AP Business Writer

Shares are mostly lower in Asia, with markets in China, Japan and some other markets still closed for holidays. Hong Kong and Seoul fell more than 1% and oil prices were higher. On Tuesday, stocks closed modestly higher on Wall Street as investors waited for Wednesday’s decision by the Federal Reserve on interest rates. The S&P 500 rose 0.5%, the Dow Jones Industrial Average rose 0.2% and the Nasdaq rose 0.2%. The Fed is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. Energy stocks gained ground following solid earnings reports from BP and Devon Energy.