Asian shares are mixed in muted trading ahead of a speech by Federal Reserve Chair Jerome Powell that might deliver clues on how quickly and deeply the Fed may cut interest rates. Benchmarks rose Friday in Tokyo and Shanghai, but fell in Sydney, Seoul and Hong Kong.
FILE - A person looks at an electronic stock board showing Japan ’s Nikkei index at a securities firm in Tokyo, on July 12, 2024. FILE - People walk in front of Tokyo Stock Exchange building in Tokyo, on May 28, 2024. FILE - A person looks at an electronic stock board showing Japan ’s Nikkei index at a securities firm in Tokyo, on July 12, 2024. FILE - A person looks at an electronic stock board showing Japan ’s Nikkei index at a securities firm in Tokyo, on July 12, 2024.
Japan’s economy was dragged down for years by deflation, a gradual decline in prices that reflects a stagnant economy. The bank ended negative interest rates in March then raised rates in July. Weighing on stocks was a mixed picture on the U.S. economy, which has been slowing under the weight of high interest rates meant to get inflation under control.
“Growth has become increasingly dependent on the service sector as manufacturing, which often leads the economic cycle, has fallen into decline,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. One danger is if expectations for coming cuts have gone overboard among investors. U.S. companies continue to report mostly better-than-expected profits for the springtime.
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