TOKYO - Asian shares struggled to make headway on Friday as uncertainty over how much further the U.S. Federal Reserve would cut interest rates added to investors’ worries over slowing global growth.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.1% higher and was up 0.8% for the week, on track to break a four-week losing streak.The Shanghai Composite and the blue-chip CSI300 were up 0.5% and 0.7%, respectively, while Hong Kong’s Hang Seng gained 0.5%. Wall Street stocks were mixed on Thursday, with the S&P 500 closing little changed, while the Dow was up 0.2% and the Nasdaq falling 0.4%.
While markets overwhelmingly expect the Fed to follow up its first rate cut in a decade with more stimulus at its meeting next month, some policymakers disagree. All of that has made Powell’s speech in Jackson Hole pivotal for markets as they look for any clues on future easing, after the Fed last month cut rates for the first time since the financial crisis.
The euro also was little changed against U.S. currency at $1.1073. A survey showing a surprise uptick in euro zone business growth for August was offset somewhat by trade war fears knocking future expectations to their weakest in over six years.
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