Asia markets fall with cautious traders watching a devastating quake in Taiwan
Japan (NKY:IND) -0.97%. Japan Jibun/S&P Global Services PMI 54.1 (preliminary was 54.9, prior 52.9).
China (SHCOMP) -0.19%. China Caixin Services PMI for March 52.7 (expected 52.7, prior 52.5).
Hong Kong (HSI) -1.08%.
India (SENSEX) +0.05%.
Australia (AS51) -1.34%. The Ai Group Industry Index for the Australian manufacturing sector improved by 5.6 points but remained in contraction at -7 points in March 2024.
Traders digested remarks from the Reserve Bank’s assistant governor Christopher Kent on Tuesday that the central bank will switch to a new system for its monetary policy as passive quantitative tightening leads to a decline in reserves in the banking system.
Market participants continued to follow reports about Taiwan’s strongest quake in at least 25 years this morning. Authorities said no less than 56 people were injured and around 26 buildings reportedly collapsed. Meanwhile, tsunami warnings were issued shortly after the jolt but have been lifted.
In the U.S., on Tuesday, all three major indexes closed in red amid uncertainty over the path of US interest rates following releases of solid economic data.
U.S. stock futures moved slightly lower on Wednesday following a plunge on Wall Street Tuesday as strong US economic data sent Treasury yields higher and fuelled speculation of a delayed rate cut from the Fed: Dow -0.14%; S&P 500 -0.14%; Nasdaq -0.25%.
Traders anticipate key US economic indicators due later this week, including the jobs report, JOLTS, and the ISM Services PMI. Meanwhile, Fed chair Powell is set to speak Wednesday, following his remarks last Friday that indicated it wouldn’t be appropriate to lower rates until officials are sure inflation is in check.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
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