•A woman walks past an electronic board showing Nikkei 225 index on the Tokyo Stock Exchange
Asian markets edged mostly upward in muted morning trading today, one day before a key speech expected to offer signals about future interest rate cuts in the United States.
US Federal Reserve Chairman Jerome Powell, who has resisted public demands by President Donald Trump to cut rates, is scheduled to deliver remarks tomorrow at the annual central bankers’ conference in Wyoming, reports AFP.
Data last week provided a mixed picture of US inflation, making it uncertain if the Fed will lower rates as many investors expect in September — which could bolster growth in the world’s largest economy.
In a sign of further uncertainty, recent days have seen a sell-off of major technology stocks as investors grow wary of a sustained rally in the industry despite a range of global economic hurdles.
Wall Street closed mostly lower yesterday, with the tech-heavy Nasdaq falling again as shares in AI chip-maker Nvidia ticked down.
Despite the building unease, shares in Seoul were up this morning, bolstered by a rise in Samsung’s price.
Shanghai, Sydney, Taipei, and Bangkok also charted moderate rises.
Tokyo’s Nikkei index continued its fall from the previous day, while shares in Hong Kong were flat.
Japan reported yesterday that the country’s July exports plunged at the steepest rate in over four years, straining under hefty US tariffs.
Yesterday also saw Hong Kong’s stock exchange operator post record half-year revenue, riding a renewed surge in listings and trading activity in the Chinese finance hub.
Global markets have fluctuated recently on the prospects of a peace deal in Ukraine, following days of high-stakes diplomacy in the aftermath of Trump’s Friday meeting with Russian counterpart Vladimir Putin.
But hopes for an imminent end to the war — started by Moscow’s invasion over three years ago — were tempered Wednesday after Russia said it must be included in any discussions on security guarantees for Ukraine.
The diplomatic whirlwind has sparked volatility in oil markets as traders speculate over the possible lifting of sanctions on Russia, a major producer.
Oil prices continued to rise today on the heels of a report the previous day showing a sharp decline in crude stockpiles.
Key figures at around 0215 GMT
Tokyo – Nikkei 225: DOWN 0.4 per cent at 42,706.39
Hong Kong – Hang Seng Index: FLAT at 25,162.78
Shanghai – Composite: UP 0.2 per cent at 3,773.56
Euro/dollar: DOWN at $1.1647 from $1.1648 yesterday
Pound/dollar: UP at $1.3455 from $1.3452
Dollar/yen: DOWN at 147.31 yen from 147.44 yen
Euro/pound: DOWN at 86.56 pence from 86.59 pence
West Texas Intermediate: UP 0.5 per cent at $63.00 per barrel
Brent North Sea Crude: UP 0.4 per cent at $67.09 per barrel
New York – Dow: FLAT at 44,938.31 (close)
London – FTSE 100: UP 1.1 per cent at 9,288.14 (close)
