Yahoo Finance Asian Equities Fall as Investors Await Powell’s Second Appearance
Investing.com – Asian stock markets fell in morning trade on Thursday, following a drop in their U.S. counterparts while investors await Federal Reserve Chairman Jerome Powell’s second appearance before the Senate Banking Committee later in the day.
Comments from the Fed’s new chief sent Wall Street tumbling for the second session in a row, with the Dow and the S&P 500 closed 1.5% and 1.1% lower respectively.
Japan’s Nikkei slipped 1.6% by 9:30pm ET. Bank of Japan’s policy board member Goushi Kataoka called for more easing efforts to achieve the central bank’s 2% inflation target. Speaking at a meeting in Okayama, Kataoka said the price situation in Japan was no longer deflationary, but the chance of inflation hitting the 2% target during the 2019 fiscal year is low.
“The inflation environment in Japan differs substantially from that in the United States and major countries in Europe,” said Kataoka. “I believe that, in Japan, there is still a long way to go before considering a change in monetary policy stance,” he added.
The Shanghai Composite was unchanged at 3259.46, while Shenzhen Component gained 0.24% to 10,855.23. State media reported that the country has approved a list of nominees to fill top government jobs during a three-day conclave that ended Wednesday in Beijing, but the report did not reveal any names. The National People’s Congress (NPC) is set to hold its first annual session in Beijing next Monday.
Hong Kong’s Hang Seng Index opened 0.4% lower. Index heavyweight Tencent Holdings Ltd (HK:0700) outperformed and gained 1.34% in morning trade.
Down under, Australia’s S&P/ASX 200 skidded 0.9% after the country’s Q4 seasonally adjusted CAPEX fell 0.2% QoQ, missing the market estimates of a 0.9% growth. The Australian dollar was put under pressure following the release of the data and has fallen to the lowest level this year.
Elsewhere, Singapore-listed commodities trade Noble Group Ltd (SI:NOBG) made headlines after it reported a $4.9 billion annual loss for 2017, versus a net profit of $8.7 million a year earlier. The company said it was still in talks with creditors on a debt deal.
South Korea’s markets are closed Thursday for a holiday.
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