TOKYO/HONG KONG - Asian stocks fell to their lowest levels in two and a half weeks on Tuesday as hopes dwindled for a hefty interest rate cut by the U.S. Federal Reserve at the end of the month, while technology companies were pulled lower by Apple Inc’s overnight slump.
In China, the Shanghai Composite and the blue-chip CSI300 were both 0.6% lower, while Hong Kong’s Hang Seng fell 0.8%.On Wall Street, the S&P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple after a brokerage downgraded the stock to “sell”.[.N] “The headline payrolls figures was pretty strong but wages were tepid, so on the whole a 25 basis-point cut would be justified as an pre-emptive move and I think the current market pricing is fair,” said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.
Investors’ focus is shifting to Fed Chairman Jerome Powell’s testimony before Congress later in the week for clues on monetary policy.
US economy doing great. Stock markets disappointed.
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