Asian markets fluctuate ahead of key earnings and Powell
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Asian markets showed fluctuations on August 20, 2024, as investors anticipated Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium, which may hint at an interest rate cut. Recent US economic data suggests inflation is slowing and the labor market is softening, leading to expectations of a 25 basis point cut next month, with some speculating a 50 basis point cut. Powell indicated a potential rate cut could come 'as soon as' September. Analysts, including Stephen Innes, noted the market is keenly awaiting Powell's remarks. San Francisco Fed chief Mary Daly expressed confidence in taming inflation, while Minneapolis Fed's Neel Kashkari supported the idea of a rate reduction. Wall Street indexes rose, with the S&P up 1% and Nasdaq up 1.4%. Tokyo's Nikkei 225 rose 1.8%, while Hong Kong's Hang Seng Index fell 0.5%. Oil prices dropped amid hopes for a Gaza ceasefire, with US Secretary of State Antony Blinken involved in negotiations. In corporate news, Seven&i Holdings saw a significant drop after a surge due to a takeover bid from Alimentation Couche-Tard, valued at $38.6 billion, which may face regulatory scrutiny.
#AsianMarkets #FederalReserve #InterestRates #JeromePowell #Earnings #Inflation #Tokyo #HongKong #OilPrices #Seven&iHoldings
https://www.macaubusiness.com/asian-markets-fluctuate-ahead-of-key-earnings-and-powell/
Macau Business /
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2024-08-20 09:52:34
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wss://relay.damus.ioPublished at
2024-08-20 09:52:34Event JSON
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"content": "Asian markets fluctuate ahead of key earnings and Powell\n==========\n\nAsian markets showed fluctuations on August 20, 2024, as investors anticipated Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium, which may hint at an interest rate cut. Recent US economic data suggests inflation is slowing and the labor market is softening, leading to expectations of a 25 basis point cut next month, with some speculating a 50 basis point cut. Powell indicated a potential rate cut could come 'as soon as' September. Analysts, including Stephen Innes, noted the market is keenly awaiting Powell's remarks. San Francisco Fed chief Mary Daly expressed confidence in taming inflation, while Minneapolis Fed's Neel Kashkari supported the idea of a rate reduction. Wall Street indexes rose, with the S\u0026P up 1% and Nasdaq up 1.4%. Tokyo's Nikkei 225 rose 1.8%, while Hong Kong's Hang Seng Index fell 0.5%. Oil prices dropped amid hopes for a Gaza ceasefire, with US Secretary of State Antony Blinken involved in negotiations. In corporate news, Seven\u0026i Holdings saw a significant drop after a surge due to a takeover bid from Alimentation Couche-Tard, valued at $38.6 billion, which may face regulatory scrutiny.\n\n#AsianMarkets #FederalReserve #InterestRates #JeromePowell #Earnings #Inflation #Tokyo #HongKong #OilPrices #Seven\u0026iHoldings\n\nhttps://www.macaubusiness.com/asian-markets-fluctuate-ahead-of-key-earnings-and-powell/",
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