Asian stocks fell to their lowest levels in two and a half weeks on Tuesday as h...
TOKYO/HONG KONG - Asian stocks fell to their lowest levels in two and a half weeks on Tuesday as hopes dwindled for a hefty interest rate cut by the U.S. Federal Reserve at the end of the month, while technology companies were pulled lower by Apple Inc’s overnight slump.
In China, the Shanghai Composite and the blue-chip CSI300 were both 0.6% lower, while Hong Kong’s Hang Seng fell 0.8%.On Wall Street, the S&P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple after a brokerage downgraded the stock to “sell”.[.N] “The headline payrolls figures was pretty strong but wages were tepid, so on the whole a 25 basis-point cut would be justified as an pre-emptive move and I think the current market pricing is fair,” said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.
Investors’ focus is shifting to Fed Chairman Jerome Powell’s testimony before Congress later in the week for clues on monetary policy.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US futures lower as Fed rate cut hopes are dashed by strong jobs dataU.S. stock futures are trading lower Monday morning as strong jobs data dampened expectations for a Fed interest rate cut.
Read more »
US stocks drop on lower odds for steep Fed rate cutStocks are down on Wall Street in morning trading amid growing speculation among investors that unexpectedly strong U.S. employment data may keep the Federal Reserve from aggressively cutting interest rates
Read more »
Now hiring for a Trump-branded Fed: GOP flip-floppers on ratesThe president has one key quality in mind in filling out the central bank: a willingness to cut interest rates in a strong economy, violating years of GOP orthodoxy.
Read more »
U.S. Fed easing could prompt first China rate cut in four years: analystsChina's central bank could cut its benchmark policy rate for the first time...
Read more »
Deutsche Bank axes teams in Asia-Pacific as 18,000 global job cuts beginThe German lender announces the job losses as part of a restructuring plan that will ultimately cost $8.31 billion (7.4 billion euros) and see it undo years of work aimed at making its investment bank a major force on Wall Street.
Read more »
Milk Tea Hair Color Is Trending All Over AsiaGet ready for this delicious shade to start brewing stateside.
Read more »