HONG KONG — Asian stocks advanced Monday ahead of policy decisions this week by Japan’s central bank and the Federal Reserve.In Tokyo, the Nikkei 225 index jumped 2.4% to 39,639.27. Markets are awaiting a decision by the Bank of Japan on Tuesday on whether to raise its benchmark interest rate for the first time in 17 years. Since 2016, the rate has remained at minus 0.1%.
The S&P 500 fell 0.6% to 5,117.09. The Dow Jones Industrial Average fell 0.5% to 38,714.77, while the Nasdaq composite ended 1% lower at 15,973.17. The latest pullback for stocks came as traders reviewed several reports showing that inflation, though broadly cooling, remains stubborn.Inflation remains the big concern for Wall Street amid hopes for the Federal Reserve to start cutting interest rates. The Fed sharply raised interest rates starting in 2022 in an effort to tame inflation back to its 2% target. Inflation at the consumer level was as high as 9.1% in 2022.
In other trading, U.S. benchmark crude oil added 36 cents to $81.40 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 31 cents to $85.65 per barrel.Warren Buffett, one of the most successful investors in the world, has a reputation for his simple yet profound financial wisdom. Read More: 5 Unnecessary Bills You Should Stop Paying in 2024Check...
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