August 27, 2024
02:31
02:31
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Markets mixed as investors digest US Fed comments
Asian equities were mixed on Monday as investors assessed dovish comments from US Federal Reserve chairman Jerome Powell. Powell said in his Jackson Hole address on Friday that the time has come to adjust policy amid rising risks to the labor market, while expressing confidence that inflation will return to the central bank's 2% target.
Japanese indices started the week lower,, with both the Nikkei and Topix sliding around 1-percent as the yen rose to a three-week high against the dollar.
The US currency hovered near its lowest in 13 months against the euro. It also sagged closer to levels last seen in March 2022 against the British pound, with Bank of England head Andrew Bailey saying it was 'too early to declare victory' over inflation... signaling a less aggressive stance on interest rate cuts than the Fed.
And oil prices extended gains on fears of escalating tensions in the middle east, as Israel and Hezbollah exchange rocket fire,, raising concers over supply risks.
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