Asian stocks were mixed Monday as investors ponder the upcoming meeting of the Federal Reserve, following Wall Street’s best week since November with a slight uptick in U.S. stocks Friday.Japan’s benchmark index fluctuated in morning trading. The Nikkei 225 shed 15.50 points to 38,047.17 after data showed the core machinery orders, which are used as a leading indicator of capital spending in the coming six to nine months, fell 1.7% year on year in June.Last week, better-than-expected U.S.
Because the Fed has said its upcoming moves will depend in large part on what data reports at the time say, “it will be difficult for Powell to pre-commit to a particular trajectory at Jackson Hole,” said economists at Deutsche Bank led by Matthew Luzzetti. Bangkok’s SET increased 0.8% after data showed the country’s gross domestic product in the second quarter increased 2.3% compared to a year earlier, driven by tourism.
But a report later in the morning suggested U.S. consumers are feeling better about the economy than expected. That’s a big deal for Wall Street because their spending makes up the bulk of the economy. In the bond market, the yield on the 10-year Treasury fell to 3.88% from 3.92% late Thursday. The two-year yield, which more closely tracks expectations for Fed action, fell to 4.05% from 4.10% late Thursday.
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