The Asia-Pacific markets are mixed, with the Japanese Yen strengthening and the Japanese stocks falling by 1%
As tensions in the Middle East escalate, Powell hinted at a rate cut last Friday, and the Asia-Pacific markets opened with mixed gains and losses on Monday
As the tension in the Middle East intensifies, last Friday Powell hinted at a rate cut, and on Monday the Asia-Pacific markets opened with mixed gains and losses.
On Monday, the Japanese yen rose against the US dollar by 0.5% at one point, reaching above the 144 level. With the yen strengthening, the Japanese stock market widened its losses, with the Nikkei 225 index falling by 1%.
Last Friday, Federal Reserve Chairman Powell sent the clearest signal to date at the Jackson Hole Global Central Bank Annual Meeting, hinting that the Fed will begin cutting interest rates in September, but the pace of rate cuts is unknown. After Powell's speech, the three major US indices all rose.
Early Sunday morning, Hezbollah and Israel clashed, further escalating tensions in the Middle East.
Today, investors will continue to focus on the People's Bank of China's mid-term loan rate and Singapore's July manufacturing data.
Mixed Gains and Losses in Asian Markets
The yen rose, with the USD/JPY falling by 0.42% to 143.78.
With the yen strengthening, the Japanese stock market widened its losses, with the Nikkei 225 index falling by 1% to 37993.74, and the TOPIX index dropping by 0.83%.
The Seoul index in South Korea rose by 0.16% to 2706.06, while the small-cap Kosdaq rose slightly by 0.19%.
Australia's S&P/ASX 200 index opened with a 0.36% increase to 8052.70.
