SINGAPORE : Asian stocks edged lower on Thursday, while the dollar was on the back foot as investors remained cautious ahead of an expected 25 basis point hike in interest rates by the U.S. Federal Reserve next month.
E-mini futures for the S&P 500 fell 0.25 per cent, while Nasdaq futures slid 0.36 per cent. Investor focus in Asia will be on earnings from Taiwan Semiconductor Manufacturing Co Ltd later in the day, with analysts expecting the company to post a 5 per cent fall in first-quarter net profit. "Global central banks' narrow focus on combating inflation has gotten more complicated as they are now faced with the added task of maintaining financial stability," said Thomas Poullaouec, head of multi-asset solutions APAC at T. Rowe Price.
U.S. economic activity was little changed in recent weeks as employment growth moderated somewhat and price increases appeared to slow, showed a Fed report on Wednesday. Meanwhile, benchmark 10-year yields eased to 3.597 per cent in Asian hours after scaling a four-week peak of 3.639 per cent on Wednesday.
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