Asian stock markets have concluded the trading session on a lower note, with investors closely monitoring the forthcoming speech by Federal Reserve Chairman Jerome Powell. The anticipated speech is expected to offer insights into the potential trajectory of interest rate adjustments.
The Nikkei in Tokyo closed at 31,624.28, marking a decline of 662.93 points or -2.05%. Market participants held off making significant moves as they awaited Jerome Powell’s speech, which is projected to shed light on the potential direction of future interest rate hikes.
In Australia, the S&P/ASX 200 index concluded at 7,115.20 points, registering a decrease of 66.90 points or -0.93%. Similarly, the All Ordinaries index finished at 7,332.60 points, down by 68.00 points or -0.92%. These moves were driven by cautious sentiments preceding Jerome Powell’s address at the Fed’s annual meeting in Jackson Hole.
The South Korean Composite Index (KOSPI) experienced a decline of 18.54 points or -0.73%, closing at 2,519.14. The downturn followed a dip in U.S. stock markets on the prior day, with investors eagerly awaiting clarity from Federal Reserve Chairman Jerome Powell regarding the central bank’s stance on interest rate policies. Additionally, the South Korean won experienced a depreciation against the US dollar.
China’s Shanghai Composite index closed at 3,064.07 points, marking a decrease of 18.17 points or -0.59%. This decline aligned with the trend observed across Asian stock markets, which collectively displayed downturns. This sentiment was fueled by the anticipation of Jerome Powell’s speech at the Fed’s annual meeting in Jackson Hole.
Hong Kong’s Hang Seng index concluded at 17,956.38 points, reflecting a decrease of 255.79 points or -1.40%. The market sentiment was cautious ahead of Federal Reserve Chairman Jerome Powell’s address at the annual meeting in Jackson Hole on August 25.
As investors closely follow Powell’s speech for insights into the future trajectory of monetary policy, the dynamics of global financial markets continue to be influenced by evolving economic and political conditions.