Asian stocks fell with US equity-index futures after hawkish comments from Chair Kevin Warsh boosted bets on a Federal Reserve interest-rate hike next month. Oil rose as Middle East tensions flared. MSCI’s Asia Pacific equities gauge dropped 1%, snapping a four-day advance, with technology shares leading losses. The Kospi Index — a barometer for artificial intelligence investments — slid 2.1%, with chipmakers Samsung Electronics Co. and SK Hynix Inc. the biggest drags. Nasdaq 100 futures fell 0.6%. Treasuries recouped some of last week’s decline in Asian trading, with the yield on the two-year note slipping two basis points to 4.33%. Bloomberg’s dollar gauge also eased after the Fed chief’s Jackson Hole speech spurred its biggest advance in two months on Friday. Gold extended its losses to trade around $4,405 an ounce on concern that higher interest rates will diminish the appeal of the non-yielding metal. Brent crude climbed 2.4% to $90.51 a barrel after the US military on Sunday struck Iranian rocket launchers, ending weeks of relative calm. The negative tone in equities followed Warsh’s comments that inflation isn’t meaningfully slowing, and policymakers have “work to do” if they are not confident that it is. Traders boosted bets on a September rate hike after he spoke, although some market commentators expressed skepticism about such a move. Higher borrowing costs also risk undercutting this year’s rally in AI shares, where elevated valuations make tech stocks vulnerable to rising yields. Escalating Middle East tensions compounded the pressure as oil climbed, adding to inflation risks. Traders boosted bets to 65% that the Fed will raise its benchmark rate when it meets next month from about 34% odds before Warsh spoke, according to swaps data compiled by Bloomberg. Markets are also pricing in at lest one more hike over the coming year. Warsh said financial conditions aren’t currently restrictive and described rates as the Fed’s “predominant tool” for achieving its mandate, while stopping short of signaling support for a hike in September. Even so, bond investors at firms including ABN AMRO Investment Solutions and Brandywine Global Investment Management are voicing skepticism about mounting speculation that Warsh is poised to raise interest rates. Some investors have their doubts after the chairman’s appearances jolted markets over the last few months, even as he’s consistently vowed to tamp down inflation. That has them bracing for the risk he keeps rates steady again, as he did in June and July, adding to Fed credibility worries that have helped drive long-maturity yields to the highest levels in about two decades. Elsewhere, the yen hovered around 160 per dollar after hitting its weakest level in a month. Traders will be alert to stronger rhetoric from Japanese officials after the currency weakened on Friday after the dollar surged, erasing more than half of its intervention-fueled gains. In geopolitical news, the attack by the US was the first military action against Iran in more than a month, as President Donald Trump has switched to a campaign to drive Iran to the negotiating table by squeezing its economy.
Nikkei -0.44% Hang Seng -0.47% CSI -0.21% Kospi -0.45% Shanghai +0.33% Shenzen +0.07%
Eur$ 1.1591 CNH 6.7219 CNY 6.7212 JPY 159.82 GBP 1.3544 CHF 0.8090 RUB 85.8477 TRY 48.2611 WTI$ 85.03 +1.94% Gold 4,423 -0.70% BTC 77,814 -0.98% ETH 2,423 -2.71%
S&P -0.25% Nasdaq -0.17% EuroStoxx -0.21% FTSE Closed Dax -0.25% SMI -0.24%
Macro :
- US and Iran Exchange Attacks for First Time in About a Month
- Republicans See Trump’s Unceasing Iran War as Midterm Threat
- Republicans See Trump’s Unceasing Iran War as Midterm Threat
- Bessent Expects New US Secondary Sanctions on Iran Weekly: Rtrs
- Bond Investors Wary After Warsh Speech Fuels Rate-Hike Bets
- Iceland to Hold Off From EU Accession Talks as Voters Say No
- Yen’s Breach of 160 to Dollar Puts Traders on Intervention Watch
- Trump’s Venezuela Oil Grab Reprises Industry’s Neocolonial Past
Keep an eye on :
Keep an eye on :
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