Asian stocks slip, dollar strengthens on Fed’s hawkish stance

MSCI’s index of Asian shares outside Japan fell 0.2% — on track for the index’s eight successive daily dropSingapore — Asian stock markets slipped for an eighth straight session on Wednesday, and the dollar loomed large as fresh hawkish comments from a Federal Reserve official kept investors cautious ahead of this week’s Jackson Hole Symposium.

MSCI’s index of Asian shares outside Japan fell 0.2% in morning trade, on track for the index’s eight successive daily drop, if sustained. Japan’s Nikkei fell 0.6%. US services and manufacturing surveys had disappointed on Tuesday and July new home sales fell to a 6½ year low. “It might be a bit early to be jumping that gun just yet ... if you start to give the market a little sop that it might get better in time, you might end up undermining your own approach.”Brent crude futures are hovering around $100 a barrel on signs of US demand and Saudi Arabia’s talk of supply cuts. The higher oil price helped prop up energy stocks in Australia.

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