08/23/2024 – 5:33
By Sergio Caldas*
São Paulo, 08/23/2024 – Asian and Pacific stock markets closed without a single direction and with modest variations this Friday, ahead of a speech by Federal Reserve (Fed) Chairman Jerome Powell, which could provide clues as to the pace at which the US central bank will likely cut interest rates in the coming months.
Japan’s Nikkei index rose 0.40% in Tokyo to 38,364.27 points, while South Korea’s Kospi fell 0.22% in Seoul to 2,701.69 points, interrupting a sequence of three positive trading sessions. The Hang Seng fell 0.16% in Hong Kong to 17,612.10 points and the Taiex in Taiwan only gained marginally, 0.04% to 22,158.05 points.
In mainland China, the tone was positive, with gains led by insurance stocks. The Shanghai Composite Index rose 0.20 percent to 2,854.37 points, while the less comprehensive Shenzhen Composite Index edged up 0.08 percent to 1,506.22 points.
Starting at 11 am (Brasília time), global investors will be paying close attention to Powell, who will give a speech during the annual Jackson Hole symposium in the US state of Wyoming. The expectation is that the Fed chairman will confirm plans to cut US interest rates for the first time in four and a half years at the September meeting. The question is whether Powell will give any signal of how aggressive the Fed can be in easing monetary policy until the end of the year.
In Oceania, the Australian stock market was virtually stable today, but ended a ten-session streak on the rise. The S&P/ASX 200 fell 0.04% in Sydney, to 8,023.90 points, due to weakness in shares of public utilities (-1.3%) and oil companies (-1.1%).
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*With information from Dow Jones Newswires
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