Asia-Pacific Markets Decline – U.S. Monetary Policy Insights! Asia-Pacific markets are experiencing a downturn as investors eagerly await insights into the U.S. monetary policy. This is anticipated to be provided during the upcoming Jackson Hole meeting. All eyes are on Jerome Powell, the Chair of the U.S. Federal Reserve, as central bankers’ remarks are expected to shed light on the future of monetary policies.
In the realm of Asian stock markets, Japan’s Nikkei 225 has seen a significant decline of 2.05%, with a closing value of 31,624.28. This has brought an end to the four-day winning streak for both the Nikkei and the Topix index, which itself experienced a 0.88% dip, concluding at 2,266.4.
U.S Monetary Policy Insights
Moving on, Australia’s S&P/ASX 200 index has also been affected, showing a loss of 0.93% and ending at 7,115.2. Similarly, South Korea’s Kospi index saw a decline of 0.73%. This was accompanied by a milder decrease of 0.26% in the Kosdaq index.
Furthermore, recent data from Japan indicates that the core inflation rate for Tokyo stands at 2.8% for August. This figure is slightly below the anticipated 2.9% consensus from economists in a Reuters poll. It’s noteworthy that this core rate excludes the volatility stemming from fluctuations in fresh food prices. Meanwhile, the broader inflation measure for Tokyo was reported at 2.9%, signifying a decrease from the previous month’s 3.2% figure.
Turning attention to the U.S., the preceding day recorded declines across all three major indexes. The tech sector-driven momentum came to a halt, resulting in considerable daily drops for the Dow Jones Industrial Average. The S&P 500, and the Nasdaq Composite. These declines marked the most substantial single-day drops for the Dow and the most significant declines for the S&P 500 and Nasdaq since August 2nd.
Looking ahead, several events are on the horizon. Among them, at 2:00 PM GMT, the USD Revised UoM Consumer Sentiment and USD Revised UoM Inflation Expectations data will be released. Additionally, at 2:05 PM GMT, Fed Chair Powell is scheduled to deliver a speech that will undoubtedly be of high interest to market participants.
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