Asian shares fell to six-week lows on Thursday while the dollar jumped to two-ye...
SYDNEY - Asian shares fell to six-week lows on Thursday while the dollar jumped to two-year highs as the U.S. Federal Reserve poured cold water on market expectations of a lengthy easing cycle following a 25 basis-point rate cut.
Japan’s Nikkei reversed early losses and were a shade higher, while Australian shares declined 0.2%. Losses in Chinese shares accelerated after it opened lower with the blue-chip index down 0.8%. Powell characterized the rate cut as “a mid-cycle adjustment to policy”, citing signs of a global slowdown, simmering U.S. trade tensions and a desire to boost too-low inflation. Markets took that as a sign that sharp further cuts were not imminent.
“In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock.” South Korea’s exports tumbled for an eighth straight month in July amid persistently weak global demand and an escalating dispute with Japan, while its new export orders shrank the most in about six years.
Yields on 10-year bonds climbed as high as 2.053% in early Asian hours from a U.S. close of 2.007%. They were last at 2.037%.
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