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Stock market today: Asian stocks are higher as Bank of Japan raises benchmark rate

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Asian stocks were higher Wednesday following a decision by the Bank of Japan to raise its benchmark interest rate. Policy decisions were due later in the

Policy decisions were due later in the day from the Federal Reserve, with another expected on Thursday from the Bank of England.

The dollar had recently exceeded the 160 yen level, adding to pressure on the BOJ to act. It has remained cautious about stifling growth and is just inching away from its ultra-lax monetary policy. The Hang Seng in Hong Kong added 2.2% to 17,380.46 and the Shanghai Composite index was up 2.1% at 2,938.75 after official data showed China’s July manufacturing activity contracted for a third straight month, fueling expectations that Beijing will need to roll out more stimulus to counter a slowdown.

On Tuesday, the S&P 500 slipped 0.5% to 5,436.44, even though two out of every three stocks within the index rose. The Dow Jones Industrial Average rose 0.5% to 40,743.33, and the Nasdaq composite sank 1.3% to 17,147.42. Most of the other stocks in the group that’s come to be known as the “Magnificent Seven” fell Tuesday, including a 7% tumble for Nvidia.

Expectations for a soon-to-be easier Fed have sent yields tumbling in the bond market, and they eased further Tuesday. The yield on the 10-year Treasury fell to 4.14% from 4.17% late Monday.

 

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