Local stocks fell Tuesday on profit-taking ahead of the release of the crucial US inflation report.
Alviar said, however, a surge in last-minute profit-taking pushed the market into the negative territory. That has been compounded by mixed signals from Fed officials, with some pushing for another hike and others saying it would be best for the economy to wait and see the effects of more than a year of lifting.
A group of leading economists at some of the world’s biggest banks said they did not expect the Fed would hike again and would begin slashing borrowing costs in the new year, while they also predicted the United States would avoid a recession. Tokyo, Sydney, Taipei, Mumbai and Bangkok rose but Hong Kong, Shanghai, Seoul, Singapore, Wellington and Jakarta were all down.Property stocks in Hong Kong rallied following a report that troubled developer Country Garden had been given the green light by creditors to extend payments on six yuan bonds by three years.
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