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Fin24.com | Markets LIVE: Asian stocks mixed on low volumes

Fin24 team

2019-08-21 07:34

Stocks in Asia were mixed on low volumes as investors assessed the latest news on trade talks and awaited more clues on monetary policy.

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Asian stocks mixed on low volumes

Adam Haigh, Bloomberg

Stocks in Asia were mixed on low volumes as investors assessed the latest news on trade talks and awaited more clues on monetary policy.

Treasury yields ticked higher after retreating Tuesday. Japanese and Australian equities fell, while shares fluctuated in Hong Kong and China, and rose in South Korea. US futures saw modest gains.

Earlier, the S&P 500 Index closed lower as US President Donald Trump showed no urgency to resolve trade friction with China and renewed his call for a “big” Federal Reserve rate cut. The yen slipped and the dollar was little changed.

Just a day after markets cheered progress on trade negotiations, investors took a more cautious approach. Trump’s top economic adviser, Larry Kudlow, speaks with business leaders this week amid concerns about a recession, the trade war and whipsawing markets.

Fed minutes are due Wednesday and though they’re outdated given recent market turmoil and likely to be overshadowed by Jerome Powell’s address at Jackson Hole, they may provide clarity on the economic outlook that would push officials to keep lowering rates.

“The key thing this week is the Jackson Hole speech by Fed Chair Powell,” Tuuli McCully, head of Asia-Pacific Economics at Scotiabank, told Bloomberg TV. “It will be interesting to hear if he sticks to the mid-cycle adjustment tone or if he will promise more.”



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