Wednesday, 28 February 2018
Asian equity indexes revert gains following Fed chief speech
Stock markets in Asia were down on Wednesday following a weak close in Wall Street as market sentiment was hit by the testimony of Fed Chair Jerome Powell in Congress.
“We’ve seen some data that will in my case add some confidence to my view that inflation is moving up to target,” said Powell, adding that “We’ve also seen continued strength around the globe, and we’ve seen fiscal policy become more stimulative.”
His remarks increased expectations for further monetary policy changes later this year. The US regulator has anticipated at least three rate hikes in 2018.
According to Fed funds tracked by CME Group’s FedWatch program, market participants are currently weighing an 87 percent probability of a 25 basis-point rate hike by March.
The Dow Jones industrial average dropped nearly 300 points on Tuesday to finish at 25,410.03, with Disney and Home Depot leading decliners.
The S&P 500 was down 1.27 percent to end at 2,744.28, with real estate, consumer discretionaries and telecommunications all moving to the downside simultaneously.
The Nasdaq composite eased 1.23 percent to 7,330.35, with heavyweight technology companies like Facebook, Amazon, Apple, Netflix and Alphabet in red territory.
In Japan, the Nikkei 225 fell about one percent, with manufacturers, technology, automakers and financials all heading south. South Korea’s Kospi lost more than 0.85 percent, with Samsung Electronics leading the list of decliners.
Sydney’s S&P/ASX 200 eased 0.70 percent, with materials and telecommunications as worst performers of the session. Rio Tinto was down 0.99 percent in the day.
<<< Asian Stock Indexes >>>
Australia ASX S&P -42.00 -0.68% 6,117.30
Shanghai Composite -20.04 -0.61% 3,272.03
Hong Kong Hang Seng -399.84 -1.28% 30,868.82
Japan Nikkei 225 -321.62 -1.44% 22,068.24
Taiwan TSEC 50 Index -21.23 -0.20% 10,815.47
<<< Next in Europe >>>
Ahead in today’s session, the Gfk consumer climate for March is up at 07:00 GMT, followed by the unemployment rate and change as of 09:00 GMT.
In the Eurozone, focus will be directed to the consumer price index for February at 10:00 GMT.
<<< Next in United States >>>
Investors will be looking at a revision of the fourth-quarter gross domestic product as of 13:30 GMT. Pending home sales for January will be released at 15:00 GMT.
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