Asian stocks slip, dollar strengthens on Fed’s hawkish stance

MSCI’s index of Asian shares outside Japan fell 0.2% — on track for the index’s eight successive daily dropSingapore — Asian stock markets slipped for an eighth straight session on Wednesday, and the dollar loomed large as fresh hawkish comments from a Federal Reserve official kept investors cautious ahead of this week’s Jackson Hole Symposium.

MSCI’s index of Asian shares outside Japan fell 0.2% in morning trade, on track for the index’s eight successive daily drop, if sustained. Japan’s Nikkei fell 0.6%. US services and manufacturing surveys had disappointed on Tuesday and July new home sales fell to a 6½ year low. “It might be a bit early to be jumping that gun just yet ... if you start to give the market a little sop that it might get better in time, you might end up undermining your own approach.”Brent crude futures are hovering around $100 a barrel on signs of US demand and Saudi Arabia’s talk of supply cuts. The higher oil price helped prop up energy stocks in Australia.

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Business Maverick: Markets wrap: Asia shares in the red, yuan slides on strong dollarAsian shares slipped on Monday and the dollar extended its climb amid angst over global growth as most major banks kept raising rates, while a modest easing by China served only to highlight troubles in its property market.
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