TOKYO/HONG KONG - Asian stocks fell to their lowest levels in two and a half weeks on Tuesday as hopes dwindled for a hefty interest rate cut by the U.S. Federal Reserve at the end of the month, while technology companies were pulled lower by Apple Inc’s overnight slump.
In China, the Shanghai Composite and the blue-chip CSI300 were both 0.6% lower, while Hong Kong’s Hang Seng fell 0.8%.On Wall Street, the S&P 500 lost 0.48% while the Nasdaq Composite dropped 0.78%, led by fall in Apple after a brokerage downgraded the stock to “sell”.[.N] “The headline payrolls figures was pretty strong but wages were tepid, so on the whole a 25 basis-point cut would be justified as an pre-emptive move and I think the current market pricing is fair,” said Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management.
Investors’ focus is shifting to Fed Chairman Jerome Powell’s testimony before Congress later in the week for clues on monetary policy.
US economy doing great. Stock markets disappointed.
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US stocks drop on lower odds for steep Fed rate cutStocks are down on Wall Street in morning trading amid growing speculation among investors that unexpectedly strong U.S. employment data may keep the Federal Reserve from aggressively cutting interest rates How can an economy be strong and the need to cut interest rates exist? Im afraid if we get another recession It’s almost as if they know that a down market increases the likelihood of a rate cut, which then leads to a bigger bump in stock prices. A skeptical, critically thinking individual may think they’re gaming the system. But, of course, Wall Street wouldn’t do that.
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