Asian Markets Wintessed Mixed Performance as Wall Street Pulls Back
In today’s morning trading session, Asian markets showed a mixed performance following a slight decline in Wall Street’s record highs.
In today’s morning trading session, Asian markets showed a mixed performance following a slight decline in Wall Street’s record highs. Oil prices have dropped and US futures saw a slight increase.
The tepid performance across the region so far this week comes ahead of key US data releases, including the Federal Reserve’s preferred inflation measure, and the approaching corporate earnings season.
Despite the central bank’s announcement last week regarding its intention to reduce interest rates three times this year, some investors are concerned that recent indicators and statements from policymakers have cast doubt on this plan.
The data that was published on Tuesday regarding February’s durable goods sales suggested that the world’s top economy continued to thrive, with an improvement in consumer confidence, though less optimism about the future.
In the upcoming days, jobless claims and economic growth readings are set to be released, followed by the Personal Consumption Expenditures (PCE) index on Friday. Analysts are also anticipating an increase from January in the PCE index, which may not greatly unsettle markets, although a positive deviation could cause concern.
Next month sees the start of earnings releases and is expected to heavily influence sentiments as the recent market rally has been partly predicated on future profits.
Meanwhile, China’s Central Bank Governor’s remarks at a prominent business conference suggest a recovery in the struggling property sector and minimal impact from developer defaults. Chinese shares also witnessed a decline.
At press time, the Shanghai Composite is trading at 2,993.14, showing a 1.26% decrease while the Nikkei 225 slightly went up by 0.9%, trading at $40,762.73. The Hang Seng index witnessed a significant drop of 1.36%, at 16,392.84, and Shenzhen went down by 2.4% to 9,222.47.
South Korea’s Kospi also witnessed a slight decrease of 0.07% trading at 2,755.11, while India’s Nifty 50 went up by 0.69% at 22,149.90.
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