Asian share markets were in a mixed mood on Wednesday as the mounting risks of a hike in U.S. interest rates as early as next month lifted the dollar and bond yields, pressuring currencies across the region. Moves were mostly minor with Japan's Nikkei (.N225) up 0.2 percent and South Korea's KOSPI (.KS11) off 0.1 percent. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.5 percent.
Americans and Britons bracing for their first interest rate rises in almost a decade are puzzled: why are rates about to go up when there's no inflation? Both the Federal Reserve and Bank of England are proclaiming that they are on the cusp of raising interest rates for the first time in almost a decade. It's not hard to see why near-zero interest rates should be 'normalized' when you do a quick economic health check.
Drugmaker Shire (SHP.L) said on Tuesday it was seeking to buy Baxalta (BXLT.N), a company spun-off by Baxter International (BAX.N) last month, for $30 billion to forge the leading global specialist in rare diseases. Baxalta rebuffed the offer on Tuesday and said in a statement that Shire's unsolicited offer significantly undervalued the company. Shire's all-share offer values each Baxalta share at $45.23, based on Aug. 3 market prices.