Hawkish Fed comments knock stocks, help dollar

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SINGAPORE : Asian stock markets slipped for an eighth straight session on Wednesday, and the dollar loomed large as fresh hawkish comments from a Federal Reserve official kept investors cautious ahead of this week's Jackson Hole symposium.Minneapolis Federal Reserve Bank President Neel Kashkari was the la

SINGAPORE : Asian stock markets slipped for an eighth straight session on Wednesday, and the dollar loomed large as fresh hawkish comments from a Federal Reserve official kept investors cautious ahead of this week's Jackson Hole symposium.

Wall Street steadied overnight after two days of heavy losses, as soft U.S. data tempered rate-hike worries. The data also eased pressure on short-dated U.S. Treasuries. "It might be a bit early to be jumping that gun just yet...if you start to give the market a little sop that it might get better in time you might end up undermining your own approach."Brent crude futures are hovering around $100 a barrel on signs of U.S. demand and Saudi Arabia's talk of supply cuts. The higher oil price helped prop up energy stocks in Australia. [O/R]

 

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