season ramped up for big companies.Japan’s benchmark Nikkei 225 slipped 1.1% to 39,154.85, with the Japanese yen trading at its highest level in months ahead of a Bank of Japan policy decision next week.
Australia’s S&P/ASX 200 edged 0.1% lower to 7,963.70 after its services sector saw weaker growth in July. Manufacturing improved slightly but remained in contractionary territory. But the smaller stocks in the Russell 2000 continued their big run and rose 1%. They’ve flipped the market’s leaderboard recently and zoomed higher amid hopes for coming cuts to interest rates.
But CEO Carol Tomé said the company’s U.S. business delivered more packages than a year earlier, its first such growth in nine quarters, and called it a “significant turning point for our company.” Easier times may be ahead for rates. With inflation slowing, the wide expectation is for the Federal Reserve to begin lowering its main interest rate in September. That would offer some relief for both the economy and financial markets after the Fed has held the federal funds rate at the highest level in more than two decades.
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