Asian Stocks to Track US Decline for Second Day: Markets Wrap

-- Asian equities were primed to track US stocks by notching a second day of declines as signs of economic weakness overwhelmed the market’s optimism surrounding rate cuts.Equity futures for Japan, Australia and Hong Kong dropped. The S&P 500 fell 0.8% Thursday, extending a drop from the prior session and on track for its largest weekly fall since April. The Nasdaq 100 fell 0.5%, while the Russell 2000 benchmark of US small companies fell 1.

The central bank is getting closer to reducing borrowing costs in September amid growing confidence that price stability is within sight. They’ve laid the groundwork for the coming move in speeches over recent weeks, and Chair Jerome Powell will likely flag it more explicitly after a policy meeting later this month.In Asia, investors will be on the look out for fallout from China’s Third Plenum meeting.

To Dan Wantrobski at Janney Montgomery Scott, the recent “rotation” pushed the broader markets into some moderately overbought territory on a short-term basis. This alongside ongoing extended conditions in leadership areas renders them vulnerable to potential consolidation over the short run, he noted.

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