Asian shares hover below 3-week high as Fed rate hike looms

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday.

Asian shares barely budged on Wednesday, lacking traction as US bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs.

The benchmark 10-year Treasury yield rose to as high as 3.113 percent, near its seven-year peak of 3.128 percent touched on May 18.

The euro traded at $1.1765, not far from three-month high of $1.18155 touched on Monday.

Oil prices slipped following data showing US crude stocks rose unexpectedly last week and renewed call from Trump on OPEC to boost crude output.

Still they were supported on the whole on concerns of tight supply on US sanctions on Iran's oil exports.

Benchmark Brent futures hit USD 82.55 per barrel, its highest since Nov. 10, 2014, on Tuesday and last stood at USD 81.41, down 0.55 percent on the day.

US crude futures shed 0.6 percent to USD 71.87 per barrel after hitting an 11-week high of USD 72.78 the previous day.

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