Global markets today: Asian markets slipped on Wednesday, mirroring Wall Street’s overnight losses, as investors assessed Japan’s trade data and awaited China’s loan prime rate decision.
Japan’s Nikkei 225 dropped 0.93 per cent, while the Topix shed 0.31 per cent. Exports from Japan fell 2.6 per cent year-on-year in July, marking their sharpest decline in more than four years.
In South Korea, the Kospi slid 1.52 per cent and the Kosdaq retreated 1.77 per cent. Meanwhile, Australia’s S&P/ASX 200 opened 0.24 per cent lower.
Futures for Hong Kong’s Hang Seng index were at 24,977, indicating a softer start compared with the previous close of 25,122.9.
U.S. stock market today
The Nasdaq and S&P 500 slipped on Tuesday, weighed down by declines in tech stocks, as investors awaited Federal Reserve Chair Jerome Powell’s remarks on the future of interest rates at a key conference later this week.
The Nasdaq retreated as megacap stocks pulled back following strong gains earlier in the year. Nvidia dropped 3.5 per cent, marking its steepest fall in nearly four months.
The Dow Jones Industrial Average inched up 10.45 points to 44,922.27, essentially flat, while the S&P 500 shed 37.78 points, or 0.59 per cent, to close at 6,411.37. The Nasdaq Composite declined 314.82 points, or 1.46 per cent, finishing at 21,314.95.
All eyes are now on the Fed’s annual symposium in Jackson Hole, Wyoming, running from Aug. 21-23, where Powell’s speech is expected to provide fresh insights into the central bank’s stance on the economy and monetary policy.
According to LSEG data, interest rate futures indicate two rate cuts of 25 basis points each this year, with the first anticipated in September.
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