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Asian stocks edge lower after Wall Street dips in month-end trade | Malay Mail

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NEW YORK, Sept 1 — Asian stocks were set to weaken today following a softer Wall Street close while the dollar slipped as markets digested new Federal Reserve comments that suggested rates will stay low for an extended period. Australia’s S&P/ASX 200 lost 0.89 per cent in early trading,...

Investors in Asia await the release of China manufacturing data and an interest rate decision from the Australian central bank. — Reuters pic

The Dow Jones Industrial Average and the S&P 500 ended in the red, while the Nasdaq rose solidly. The S&P gained more than 7 per cent for the month to notch its best August since 1986 in what is traditionally a softer month for stock performance. Most stocks slid overnight, but chalked up another month of gains for August. US tech shares rose again yesterday, powered by stock splits that lifted Apple Inc and Tesla Inc.

Fed Vice Chair Richard Clarida yesterday expanded on Governor Jerome Powell’s comments from last week, saying that under the US central bank’s new policy view, a low rate of unemployment does not on its own trigger higher interest rates. Yesterday marked the first trading day for the revamped Dow, with Salesforce.com, Amgen Inc and Honeywell International Inc joining the 30-component index, replacing Exxon Mobil Corp, Pfizer Inc and Raytheon Technologies Corp Honeywell ended the session lower while a move higher late in the day pushed Salesforce and Amgen into positive territory.The Dow Jones Industrial Average fell 0.79 per cent, the S&P 500 lost 0.23 per cent, and the Nasdaq Composite added 0.68 per cent.

 

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