Daniel Fung
Asia-Pacific stock markets were mostly lower on Wednesday after U.S. benchmark stocks ended an eight-day rally overnight ahead of the release of the Fed's July meeting minutes and Chairman Powell's Jackson Hole speech on Friday.
Japan (NKY:IND) -0.35%. The Nikkei Stock Average fell, giving up the previous day's gains. The yen rebounded. The Japanese yen traded at 145.4 yen to the dollar on Wednesday.
Domestically, investors reacted to data showing Japan's trade deficit widened in July as exports grew more slowly than expected and imports accelerated.
China (SHCOMP), -0.29%: The Shanghai Composite Index is struggling to rise as a lack of new stimulus measures weighs on investor sentiment.
Hong Kong (HSI) -0.95%.
INDIA (SENSEX) -0.09%. Indian shares fell at the open on Wednesday, shedding the previous day's gains, weighed down by the technology, financial services and banking sectors.
Australia (AS51), +0.16%. The S&P/ASX 200 index rose on Wednesday, ending an eight-day winning streak.
Australia's Westpac Melbourne Institute Leading Economic Index was flat from the previous month in July 2024, marking the fourth consecutive month of weakness.
In the United States, all three major stock indexes ended lower on Tuesday as investors awaited signals from the Federal Reserve about upcoming interest rate cuts.
U.S. stock futures were little changed on Wednesday, with the Dow up 0.13%, the S&P 500 up 0.09% and the Nasdaq up 0.06%, as investors cautiously awaited the minutes of the latest Federal Reserve policy meeting for clarity on the direction of monetary policy.
Markets are also waiting to hear how Federal Reserve Chairman Jerome Powell will address the U.S. central bank's future stance on interest rates at the Jackson Hole Symposium on Friday.
Currency: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).
