San Francisco Frontiers - Most markets down as Fed holds and Trump announces fresh tariffs

The central bank held interest rates steady and refrained from suggesting it would cut any time soon despite as he brushed off relentless pressure from the US president, with recent data indicating inflation remains elevated.

While two members of the policyboard took the rare move of dissenting and voting to cut, investors pared their bets on a reduction in September sending the dollar rallying against its peers.

The bank cited a moderation in economic activity in the first half and "solid" labour market conditions but warned "uncertainty about the economic outlook remains elevated", while inflation too is somewhat heightened.

Asked about Trump's tariff deals and whether they brought more certainty, Fed boss Jerome Powell told reporters: "It's been a very dynamic time for these trade negotiations."

He added that "we're still a ways away from seeing where things settle down".

Kerry Craig of JP Morgan Asset Management said: "With some details on baseline tariffs only just becoming clear, and many of the details of the recently agreed 'deals' still to be ironed out, the risk is that inflation rates will continue to rise in the coming months."

The latest developments on the trade front saw Trump announce a deal that sees 15 percent tariffs on South Korean goods and a commitment from Seoul to invest $350 billion in the United States.

He also said India was to face 25 percent tolls, coupled with an unspecified penalty over New Delhi's purchases of Russian weapons and energy.

And he signed an executive order implementing an additional 40 percent tax on Brazilian products, as Trump lambasts what he calls Brazil's "witch hunt" against his far-right ally, former president Jair Bolsonaro on coup charges.

Traders are keeping tabs on talks with other countries that are yet to sign deals with Washington ahead of Trump's self-imposed Friday deadline.

After a broadly negative day on Wall Street, Asian markets struggled.

Hong Kong, Shanghai, Sydney, Singapore, Seoul, Manila, Wellington and Bangkok all fell, though Tokyo, Taipei and Jakarta edged up.

There was little movement in the yen after the Bank of Japan decided against hiking interest rates, while lifting economic growth and inflation costs. It also cautiously welcomed the country's trade deal with the United States.

Traders had been given a healthy lead from the tech sector after titans Microsoft and Meta posted better-than-expected earnings, sending their stocks soaring in after-market trade.

Amazon and Apple are die to release later Thursday.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 0.9 percent at 41,020.91 (break)

Hong Kong - Hang Seng Index: DOWN 1.2 percent at 24,871.40

Shanghai - Composite: DOWN 0.7 percent at 3,591.17

Euro/dollar: UP at $1.427 from $1.1409 on Wednesday

Pound/dollar: UP at $1.3260 from $1.3239

Dollar/yen: DOWN at 148.81 yen from 149.50 yen

Euro/pound: UP at 86.18 pence from 86.15 pence

West Texas Intermediate: FLAT at $70.00 per barrel

Brent North Sea Crude: DOWN 0.2 percent at $73.10

New York - Dow: DOWN 0.5 percent at 44,632.99 (close)

London - FTSE 100: UP 0.6 percent at 9,136.32 (close)

P.Adams--SFF