Asia Stocks Under Pressure, Dollar Strengthens: Markets Wrap

Contracts for share benchmarks in Japan and Australia dropped, while those for Hong Kong equities were flat. The S&P 500 fell 0.7% to close lower for a second day. The tech-heavy Nasdaq 100, which is more sensitive to interest rate expectations, declined 0.9%. US futures were little changed in early Asian trading.

The Institute for Supply Management’s US services index for August reached 54.4, its highest monthly reading since February and one that topped all estimates in a Bloomberg survey of economists. A reading above 50 denotes growth. “The ISM Services Sector report underscores the resilience of the largest portion of the economy,” said Quincy Krosby, chief global strategist at LPL Financial, who pointed to higher prices shown within the data. “This is is certainly not good news for a data-dependent Fed.”

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Asia Stocks Under Pressure, Dollar Strengthens: Markets WrapAsian equity futures drifted lower as US stocks fell following economic data that exceeded forecasts, bolstering the case for the Federal Reserve to keep interest rates elevated for longer.
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