Asian stocks follow Wall Street decline before US Fed release



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BEIJING (AP) – Asian stock markets followed the fall of Wall Street on Wednesday, as investors eagerly awaited the Federal Reserve Chairman's speech on the signs of a possible plan to reduce oil prices. interest in the United States.

Benchmarks in Tokyo, Shanghai and Australia declined as South Korea progressed.

US stocks fell on Tuesday after a further decline in bond yields and a mixed series of results. Financial sector stocks led declines.

Investors welcome the Fed's release on Wednesday of notes from last month's policy meeting and Friday's speech by President Jerome Powell.

Markets have "been waiting" before Powell's speech at an annual rally in Jackson Hole, Wyoming, said Jeffrey Halley of Oanda in a report.

Investors expect Powell to signal to the Fed "that it is about to embark on a reinvigorated easing wave," Halley said. However, he said the US data "simply do not justify the need for an aggressive easing cycle".

The Shanghai Composite Index fell 0.1% to 2875.63 and the Tokyo Nikkei 225 fell 0.4% to 20,597.21. Hong Kong's Hang Seng fell 0.3% to 26,161.92.

The Seoul Kospi rose 0.2% to 1,962.02, while the Sydney S & P-ASX 200 lost 1% to 6,477.60. The markets of Taiwan and Indonesia have progressed, while New Zealand and Singapore have declined.

On Wall Street, the benchmark Standard & Poor's 500 had a three-day winning streak, falling 0.8% to 2,900.51. The Dow Jones Industrial Average Index slid 0.7% to 25,962.44. The Nasdaq composite fell 0.7% to 7,948.56.

The US market has been volatile this month as investors try to analyze the conflicting signals of the US economy and determine if a recession is on the horizon. One of the main concerns is that the US-China tariff war will weigh on global economic growth.

Some chip makers said Monday that the Trump administration has delayed the application of export restrictions on sales of US-based technology telecom equipment manufacturer Huawei Technologies Ltd., Qualcomm, which added 1.6 %.

Last week, many stock indexes around the world reached their lowest point of the year before recovering. Analysts say the concerns that led to this sale could resurface at any time.

ENERGY: The benchmark US crude gained 18 cents to 56.31 dollars a barrel in electronic trading on the New York Mercantile Exchange. The contract yielded 1 cent Tuesday to close at $ 56.13. Brent, used for the price of international oil, rose 24 cents to 60.27 dollars a barrel in London. The contract rose from 27 cents the previous session to $ 60.03.

CURRENCY: The dollar gained 106.46 yen against 106.22 on Tuesday. The euro has changed little at 1.1099 dollar.

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