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Stocks Fall Before Manufacturing Data; Yen Rallies: Markets Wrap

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Asian stocks were poised for a steady open Tuesday, with investors holding their nerve as concerns mount over China’s economic woes.

September 02, 2024 at 6:38PM EDT -- Global stocks retreated in a risk-off session as traders prepared for data that may offer insights about the health of the US economy and the Federal Reserve’s interest-rate path. The yen rallied while the dollar advanced.

The publication of US manufacturing data later Tuesday will mark the start of a busy week of economic reports, culminating with nonfarm payrolls statistics on Friday. A similar series of releases in August induced fears that the US economy was heading for a hard landing, whiplashing markets. Arif Husain, the head of fixed-income at T. Rowe Price who sounded the alarm on Japan’s rising interest rates last year, warned that there’s more market volatility ahead after the nation’s rate hike in July helped trigger a sharp reversal of the yen carry trade.

Europe’s Stoxx 600 dropped 0.5% as mining equities declined on the back of softer commodity prices, while a gauge of Asian stocks was flat.

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