News Formal

Stock market today: Asian shares track Wall Street's slump after Fed says rates may stay high in '24

  • 📰 AP
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought.

“Moving forward, traders will scrutinize every piece of data from the US, with a particular emphasis on inflationary indicators, to gauge the potential for prolonged high rates,” Anderson Alves of ActivTrades said in a commentary.

New Zealand’s benchmark stock index fell less than 0.1%. Figures released Thursday by Statistics New Zealand indicated the economy expanded at a 3.2% annual pace in the April-June quarter. In quarterly terms, GDP rose by 0.9% . Finance Minister Grant Robertson said the economy was turning a corner and growing at twice the rate predicted by economists.

Fed officials suggested they may cut rates in 2024 by only half a percentage point from where they’re expected to end this year. That’s less than the full percentage point of cuts they were penciling in as of June. The two-year Treasury yield, which more closely tracks expectations for Fed action, jumped to 5.18% from 5.04% shortly before the Fed’s announcement.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 728. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian Stock Market: Trades lower ahead of Fed rate decision, PBOC's status-quoAsian stock markets trade lower on Wednesday as investors await the highly-anticipated Federal Reserve interest rate meeting. At press time, China’s S
Source: FXStreetNews - 🏆 14. / 72 Read more »

Stock market today: Asian shares decline ahead of Fed decision on ratesAsian shares are mostly lower as markets await a decision by the Federal Reserve on interest rates. Trade data for Japan showed exports fell 0.8% last month from a year earlier, marking a second straight month of declines.
Source: AP - 🏆 728. / 51 Read more »

Asian Stock Market: Trades in negative territory amid Fed’s hawkish stanceAsian stocks trade lower on Thursday amid the higher-for-longer interest rate narrative in the US following the Federal Reserve (Fed) meeting. At pres
Source: FXStreetNews - 🏆 14. / 72 Read more »