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30 Aug 2021

Asian Stocks Rise after Fed Powell’s Speech

The Index Today

Monday morning when Asia Pacific stocks were mostly up over US Federal Reserve Chairman Jerome Powell’s pacific speech to withdraw stimulus measures gradually.

Japan’s Nikkei 225 was up 0.27% by 10:15 PM ET (2:15 AM GMT) while South Korea’s KOSPI was up 0.22%.

In Australia, the ASX 200 edged up 0.11% while Hong Kong’s Hang Seng Index inched down 0.09%.

China’s Shanghai Composite rose 0.35% while the Shenzhen Component inched up 0.08%.

Powell said at the Fed’s annual Jackson Hole policy forum on Friday that the central bank may start scaling back bond purchases in 2021 without giving a specific timeline.

Powell added that the Fed was not in hurry to raise the interest rates and will keep an eye first on COVID-19 data.

Senior FX strategist Rodrigo Catrilb said, “A strong payrolls print could instigate a debate for a September tapering start.”

While Barclay’s analyst said, “We expect both the manufacturing and services PMIs to moderate in August, given the widespread Delta variant and strict lockdown.”

“With slowing growth momentum and dovish signals from the (People’s Bank of China) meeting this week, we expect more easing, but still at a measured pace.”

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