Asian shares tread water as traders wait for clarity from the Fed

An electronic board displays share prices on the Tokyo Stock Exchange. Picture: EPA/KIMIMASA MAYAMA

Japan’s Nikkei added 0.1%, as did Shanghai blue chips. E-Mini futures for the S&P 500 dipped 0.04%, while Eurostoxx 50 futures eased 0.09%. That reluctance did not seem to gel with the market’s aggressive pricing for more than 100 basis points of easing by the end of 2020. Hopes for US fiscal stimulus also got a knock when President Donald Trump reversed course and said he was not looking at cutting payroll taxes.Much now depends on how dovish Fed chair Jerome Powell chooses to be in his Jackson Hole speech on Friday.

The euro edged back to $1.1089 from a top of $1.1107, not helped by a gloomy economic outlook from Germany’s finance ministry.

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