Global Markets Today: Asian markets started Wednesday on a weaker note, tracking Wall Street’s losses, as investors awaited the outcome of the U.S. Federal Reserve’s two-day policy meeting, where a rate cut is widely anticipated.
Japan’s Nikkei 225 slipped 0.3 per cent, while the Topix declined 0.65 per cent.
Australia’s S&P/ASX 200 opened 0.34 per cent lower, and South Korea’s Kospi dropped 1.07 per cent, with the Kosdaq shedding 0.78 per cent.
In contrast, Hong Kong’s Hang Seng Index was poised to open higher, with futures last trading at 26,612 compared with the previous close of 26,438.51.
Wall Street’s major indexes closed lower in a choppy trade on Tuesday as investors turned cautious ahead of a widely expected Federal Reserve rate cut.
Markets continue to largely factor in a 25 basis-point cut from the U.S. central bank when its two-day policy meeting concludes on Wednesday, aimed at countering the weakening labor market reflected in recent economic data.
The Dow Jones Industrial Average slipped 125.55 points, or 0.27 per cent, to 45,757.90. The S&P 500 declined 8.52 points, or 0.13 per cent, to 6,606.76, while the Nasdaq Composite edged down 14.79 points, or 0.07 per cent, to 22,333.96.
The S&P 500 and Nasdaq ended at record highs on Monday, having touched intraday peaks in several sessions. All three major indexes have posted gains so far in September — a month typically considered unfavorable for U.S. equities.
Tuesday’s data revealed that U.S. retail sales rose beyond expectations in August, though it had little impact on altering rate cut forecasts.
(With inputs from agencies)
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