Asian investors are jockeying ahead of an expected Federal Reserve interest rate cut (Mohd RASFAN) <\/p>\n
Asian markets were mixed Monday as traders geared up for an expected interest rate cut by the Federal Reserve this week.<\/p>\n
Equities have enjoyed a strong run-up over recent weeks as a string of data on jobs and inflation provided the US central bank with enough leeway to resume its rate reductions.<\/p>\n
Wednesday’s policy decision follows figures showing the labour market continuing to soften, while prices have not spiked as much as feared in the wake of US President Donald Trump’s tariff war.<\/p>\n
The keenly awaited meeting is expected to see the Fed lower borrowing costs 25 basis points, though some observers predict it could go to 50 points.<\/p>\n
Trump said Sunday that “I think you have a big cut. It’s perfect for cutting”.<\/p>\n
Still, Pepperstone’s Chris Weston wrote: “The market would be surprised if we saw any outcome other than a 25-basis-point cut from the Fed, even if several Fed governors do vote for a 50-basis-point cut.<\/p>\n
“Attention will quickly turn to the tone of the (policy board) statement, the guidance from Powell’s press conference.”<\/p>\n
The central banks of Canada, Britain and Japan are due to meet this week.<\/p>\n
After a tepid Friday on Wall Street that saw the Nasdaq inch up to a new peak, Asia fluctuated.<\/p>\n
Hong Kong, Singapore and Jakarta all rose in early trade, while Seoul hit another record after South Korean officials scrapped a plan to lower the capital gains tax threshold for stock investors.<\/p>\n
Shanghai edged down after data showed further weakness in China’s economy with growth in retail sales and industrial production much slower than forecasts.<\/p>\n
There were losses in Sydney, where ANZ bank, one of Australia’s “big four” lenders, retreated following news it had agreed to pay a record fine of Aus$240 million ($159.5 million) over “widespread misconduct”.<\/p>\n
Taipei, Manila and Wellington also saw losses.<\/p>\n
Tokyo was closed for a break.<\/p>\n
Also in view are talks between China and the United States in Madrid that will cover a range of issues including trade, with an eye on a November deadline for their tariff pause.<\/p>\n
Chinese Vice Premier He Lifeng and his team will also discuss their dispute over TikTok with the US delegation led by Treasury Secretary Scott Bessent.<\/p>\n
The negotiations come after China launched two investigations into the US semiconductor sector on Saturday.<\/p>\n
– Key figures at around 0230 GMT –<\/p>\n
Hong Kong – Hang Seng Index: UP 0.2 percent at 26,447.34<\/p>\n
Shanghai – Composite: DOWN 0.1 percent at 3,867.95<\/p>\n
Tokyo – Nikkei 225: Closed for a holiday<\/p>\n
Euro\/dollar: DOWN at $1.1728 from $1.1731 on Friday<\/p>\n
Pound\/dollar: UP at $1.3561 from $1.3560<\/p>\n
Dollar\/yen: DOWN at 147.57 from 147.67 yen<\/p>\n
Euro\/pound: DOWN at 86.48 pence from 86.52 pence<\/p>\n
West Texas Intermediate: UP 0.5 percent at $63.01 per barrel<\/p>\n
Brent North Sea Crude: UP 0.4 percent at $67.28 per barrel<\/p>\n
New York – Dow: DOWN 0.6 percent at 45,834.22 points (close)<\/p>\n
London – FTSE 100: DOWN\u00a00.2 percent at 9,283.29 (close)<\/p>\n
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