Asian Stock Market: Bears keep reins amid downbeat Aussie/China data, hawkish Fed bets – by anilpanchal7 Asia RiskAppetite Fed Recession Equities
While portraying the mood, the MSCI’s Index of Asia-Pacific shares outside Japan drops to the fresh low in two years, down 1.11% by the press time. That said, Japan’s Nikkei 225 lost nearly 1.0% to 6,725 by the press time of early European morning.
Elsewhere, “China's exports growth weakened in August, as surging inflation crippled overseas demand and fresh COVID curbs and heatwaves disrupted production, reviving downside risks for the economy,” per Reuters. The news also mentioned that the exports rose 7.1% in August from a year earlier, slowing from an 18.0% gain in July, official customs data showed on Wednesday. The reading missed analysts' expectations for a 12.8% increase.
US ISM Services PMI rose to 56.9 versus 55.1 market forecast and 56.7 prior. However, the S&P Global Composite PMI and Services PMI eased to 44.6 and 43.7 respectively versus 45.0 and 44.1 initial forecasts in that order. Even so, the rose after the release and refreshed a 20-year high. It should be noted that the CME’s FedWatch Tool signals 72.0% chance of 50 basis points Fed rate hike in September versus 57% one-day ago.
Looking forward, the monthly prints of the US trade balance and Fed Beige Book updates could entertain investors. However, major attention will be given to the various Fed speakers scheduled for public appearances in the next two days, including Fed Chairman Jerome Powell.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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