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

Asian stocks were set to weaken on Tuesday 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.

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 7per cent for the month to notch its best August since 1986 in what is traditionally a softer month for stock performance. Providing some support to sentiment was AstraZeneca's plan to enroll 30,000 participants in a late-stage study to evaluate its COVID-19 vaccine candidate, AZD1222. Vaccine news often lifts markets.

Last week, the Fed said its new strategy plan is to use higher inflation when the economy is robust to offset the impact of periods of weaker prices.

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Seoul: Stocks close over 1% lower on record selling by foreigners[SEOUL] South Korean shares closed more than 1 per cent lower on Monday, erasing previous session's gains, on a huge foreign sell-off due to economic concerns in the backdrop of downbeat July factory data and tougher coronavirus-led social distancing measures. Read more at The Business Times.
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Europe: Stocks open firmer[PARIS] European stock markets opened firmer Monday, supported by continued gains on US and Asian bourses. Read more at The Business Times.
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