Asian Stock Market Plummets; Nikkei Slips As Investors Prepare For Fed Policy Announcement
On Wednesday, amidst thin holiday trading, most Asian stock markets are witnessing declines, influenced by the overall negative sentiment from global markets.
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Japan’s Nikkei 225 share average closed lower as traders approached the first day of the month with caution, anticipating the monetary policy decision from the US Federal Reserve. Although the Nikkei rebounded slightly from early losses as investors focused on specific stocks, it ultimately closed the day down by 0.3% at 38,274.05.
Out of the Nikkei’s 225 constituents, 151 stocks experienced declines compared to 72 advancers. Notable players such as Softbank Group, saw a decrease of 1.6% while Fast Retailing (parent company of Uniqlo), slipped nearly by 1%.
Individual stocks saw significant movements driven by earnings reports and company-specific news.
With several markets closed for Labor Day, trading activity is subdued. In addition, Treasury yields surged following robust US wage data, adding to investor apprehension ahead of the anticipated US Federal Reserve monetary policy announcement later today.
Although market projections for a Fed rate cut this year have already been scaled back, investors are still cautious about Fed Chair Jerome Powell’s statement during his press conference.
The significant disparity in policy rates between Japan and the US continues to weigh on the Yen, prompting concerns about the potential adverse effects of excessive currency weakness on the economy and consumption.
Meanwhile, Australia’s S&P/ASX 200 dipped 1.1% to 7,581.90. Other markets in the region were closed due to the Labor Day holiday.
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