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Shares in Asia weaker as major China holiday approaches

Published 09/25/2016, 11:29 PM
Updated 09/25/2016, 11:31 PM
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Investing.com - Asian shares fell on Monday as a major holiday approaches in China and investors stay cautious.

The Shanghai Composite Index fell 0.59%, while Hong Kong's Hang Seng Index dipped 0.66%. China's money markets saw a spike in rates for the benchmark seven-day repo ahead of the seven-day National day holiday that starts Oct. 1, when there is greater demand for cash.

The Nikkei 225 eased 0.84% and the S&P/ASX 200 eased 0.23%.

In the coming week, Federal Reserve Chair Janet Yellen is due to speak amid ongoing uncertainty over the timing of the next U.S. rate hike. As well, a pair of speeches from European Central Bank President Mario Draghi will be in focus for fresh hints on whether the ECB will step up monetary stimulus in the coming months to boost inflation and prop up the economy.

In addition, remarks by Bank of Japan Governor Haruhiko Kuroda will be eyed in wake of last week's decision by the central bank to modify its policy framework. The Japanese central bank refrained from cutting interest rates further into negative territory or expanding its asset purchase program at its monetary policy meeting, instead switching to targeting interest rates as a way to reach its inflation target.

Another big event for markets could be the first U.S. presidential debate on Monday between Democratic nominee Hillary Clinton and Republican hopeful Donald Trump.

Last week, U.S. stocks were lower after the close on Friday, as losses in the Oil & Gas, Technology and Industrials sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average fell 0.71%, while the S&P 500 index declined 0.57%, and the NASDAQ Composite index fell 0.63%.

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