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Asian Stocks Down Ahead of Latest Fed Meeting Minutes

Stock Markets Jan 04, 2022 09:13PM ET
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By Gina Lee

Investing.com – Asia Pacific stocks were down on Wednesday morning, with investors awaiting the minutes from the U.S. Federal Reserve’s latest meeting for clues on the central bank’s interest rate hike moves.

Japan’s Nikkei 225 inched up 0.05% by 9:04 PM ET (2:04 AM GMT) while South Korea’s KOSPI slid 1.32%.

In Australia, the ASX 200 was down 0.26% and Hong Kong’s Hang Seng Index fell 1%.

China’s Shanghai Composite fell 0.67% and the Shenzhen Component was down 0.55%, after their worst New Year debut since 2019 on Tuesday. An index of Chinese companies trading in New York also fell the most in more than two weeks.

U.S. Treasuries steadied after yields rose for a second day over increasing bets that the Fed will hike interest rates at least three times beginning in May 2022. Yields on long maturities rose due to a cascade of new corporate bonds following a year-end pause.

Investors now await the minutes from the Fed’s meeting in December, due later in the day, and the U.S. jobs report, due to be released on Friday, for clues on the Fed’s potential pace of the hikes. Minneapolis Fed President Neel Kashkari said he supports two rate increases in 2022 to curb high inflation.

“Earlier we thought that rate hikes wouldn’t be on the table until mid-2022 but the Fed seems to have worked up a consensus to taper assets faster and hike sooner rather than later,” Standard Chartered (OTC:SCBFF) head of global G-10 FX research Steve Englander said in a note.

“But we don’t think inflation dynamics will support continued hiking. We suspect the biggest driver of asset markets will be when inflation and COVID-19 fears begin to ebb,” the note added.

Comments from more Fed officials are due throughout the week, with St. Louis Fed President James Bullard speaking at an event on Thursday and San Francisco Fed President Mary Daly speaking on a separate panel a day later.

Investors also digested Tuesday’s U.S. data, which showed that the Institute of Supply Management manufacturing purchasing managers index was a lower-than-expected 58.7 in December. The JOLTs job openings survey also showed 10.562 million vacancies in November.

Meanwhile, North Korea reportedly launched its first ballistic missile in about two months, days after leader Kim Jong Eun said that returning to nuclear talks with the U.S. was a low priority in 2022.

Asian Stocks Down Ahead of Latest Fed Meeting Minutes
 

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Comments (4)
Fong SH
Fong SH Jan 04, 2022 11:14PM ET
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FED still have time to do meeting when US have 1 million Covid-19  cases per day lol Why don't FED just do a one time increase all the way to 6.5%, let's see how? lol
Fong SH
Fong SH Jan 04, 2022 10:09PM ET
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This is a schemist tool that US have been using for years against the world, what else can they do when they loose? Without Asian markets, where would they be? Lots of debts, biggest debt country in the world.
San Marina
San Marina Jan 04, 2022 10:09PM ET
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Debt doesnt always mean bad. If a billionair has more debts than you, does that mean you are financially in a better position than him? Also, US companies created the asian markets, not vice versa. So you should ask the question: Without US companies where Asian Markets would be? Lets say Microsoft and Google decide to cut their services, while US Army decide not to protect Taiwan.
ron king
ron king Jan 04, 2022 10:03PM ET
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no asian stock investor makes an investment decision on what the us fed minutes will say. just stop
Jason Park
Jason Park Jan 04, 2022 10:03PM ET
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The bubble is about to pop.
Dario Ruff
Dario Ruff Jan 04, 2022 10:03PM ET
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Not yet but soon yes it will 🤗
 
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