Asian stocks fall after Fed official suggests September rate hike still possible

31 Aug 2015 | Author: | No comments yet »

Asian stocks fall after Fed official suggests September rate hike still possible.

Elsewhere, Australia said private sector credit rose 0.6%, better than expected, but business inventories in the second quarter came in flat, below a gain seen. In the week ahead, investors will be focusing on Friday’s U.S. jobs report for August, which could help to provide clarity on the likelihood of a near-term interest rate hike. Markets will also be watching surveys of the manufacturing and service sectors, factory orders and trade data from the world’s largest economy for fresh indications on the timing of a rate hike.

Last week, U.S. stocks were mixed after the close on Friday, as gains in the Oil & Gas, Basic Materials and Technology sectors led shares higher while losses in the Healthcare, Financials and Utilities sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average lost 0.07%, while the S&P 500 index added 0.06%, and the NASDAQ Composite index climbed 0.32% as comments from a senior Federal Reserve official indicated that the central bank could still raise interest rates next month despite the recent turmoil in global markets. The dollar found support after Fed Vice Chairman Stanley Fischer said it was still too early to determine whether to raise short-term interest rates from near zero, where they have been held since December 2008, at the bank’s September meeting. Speaking at the U.S. central bank’s annual gathering in Jackson Hole, Wyoming, Fisher emphasized he was not saying what action the Fed might take at its September meeting but analysts took his comments to mean he saw the economy moving close to satisfying the Fed’s conditions for a hike.

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