Cautious trading in Asia ahead of Fed

Business | 10 Jul 2019 11:57 am

Regional equity markets were mixed today, while rising Treasury yields lifted the dollar as markets wondered if the world’s most powerful central banker would confirm or confound expectations for U.S. policy easing this month.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up by 0.4 perccnt, after three sessions of losses.

 South Korean shares traded higher late morning on bargain hunting, but gains were capped as investors trod cautiously ahead of U.S. congressional testimony by Federal Reserve Chairman Jerome Powell. The benchmark Korea Composite Stock Price Index (KOSPI) added 4.9 points, or 0.24 percent, to 2,056.93 as of 11:20 a.m local time.

Tokyo stocks fell slightly. The 225-issue Nikkei Stock Average lost 35.77 points, or 0.17 percent at 21,529.38. The broader Topix index of all First Section issues on the Tokyo Stock Exchange, meanwhile, fell 8.21 points, or 0.52 percent, at 1,566.68.

The Taiwan Stock Exchange's main index opened up 20.45 points at 10,723.23 on turnover of NT$1.36 million (US$43.59 million). 

Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the U.S. economy run “a little hotter.”-Reuters/The Standard 

 

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