{"id":137230,"date":"2021-08-30T19:38:12","date_gmt":"2021-08-30T19:38:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=137230"},"modified":"2021-08-30T19:38:12","modified_gmt":"2021-08-30T19:38:12","slug":"asian-shares-rise-on-dovish-fed-prospects-but-china-caps-gains","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/asian-shares-rise-on-dovish-fed-prospects-but-china-caps-gains\/","title":{"rendered":"Asian shares rise on dovish Fed prospects but China caps gains"},"content":{"rendered":"

HONG KONG (Reuters) – Asian shares perked up and the dollar fell to two-week lows on Monday after U.S. Federal Reserve Chairman Jerome Powell struck a dovish tone at the central bank\u2019s long-awaited symposium, although investors remained cautious about prospects in China.<\/p>

FILE PHOTO: A man wearing a protective face mask, following an outbreak of the coronavirus, talks on his mobile phone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan, February 26, 2020. REUTERS\/Athit Perawongmetha\/File Photo<\/figcaption>

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan gained 0.65% to a two-week high, and Japan\u2019s Nikkei rose 0.46%.<\/p>\n

Hong Kong rose 0.32%, Australia 0.2% and Korea 0.25% but Chinese blue chips bucked the trend, falling 0.26%.<\/p>\n

\u201c(Powell) really soothed the market\u2019s concerns for now, as the Fed is extremely good at doing, and money is going back to the U.S., not that it ever really left,\u201d said Daniel Lam, senior cross-asset strategist, at Standard Chartered Wealth Management.<\/p>\n

Lam said there were fewer uncertainties in the United States than in Asia and specifically China, though he added that any further rotation away from Asia would be more incremental \u201cand less dramatic than we saw in July and early August because a lot of people have already left.\u201d<\/p>\n

Chinese companies in sectors from tech to property have been roiled by a series of regulatory crackdowns, spooking some investors and pushing the Hong Kong benchmark to 2021 lows earlier this month.<\/p>\n

There are also signs that Chinese growth is slowing and so traders are closely watching purchasing manager surveys for manufacturing and services, which are both due this week.<\/p>\n

U.S. stock futures, the S&P 500 e-minis, rose 0.04%, and pan-region Euro Stoxx 50 futures were up 0.08%. Britain is closed on Monday for a bank holiday.<\/p>\n

Investors had been waiting to see whether Powell would give a clear indication of his views on the timing of the central bank\u2019s tapering of asset purchases or hiking interest rates, which could drag on equity markets.<\/p>\n

However, in his prepared remarks, Powell offered no indication on cutting asset purchases beyond saying it could be \u201cthis year\u201d.<\/p>\n

This dovish tone caused U.S. benchmark Treasury yields and the dollar to slip on Friday, with both trends extending into Monday trading in Asia.<\/p>\n

The yield on benchmark 10-year Treasury notes was 1.3071% down from last week\u2019s high of 1.375%, but little changed from last week\u2019s close.<\/p>\n

The dollar index which measures the greenback against a basket of currencies was fairly steady at a two-week low, having fallen 0.4% after Powell\u2019s remarks.<\/p>\n

\u201cThere\u2019s a general sense of a bit of a consolidation after Friday\u2019s news,\u201d said Rodrigo Catril, senior FX strategist at National Bank of Australia. \u201cThe dollar is technically underperforming on the day, but there\u2019s a lot of data coming out this week from China and the U.S. with nonfarm payrolls on Friday.\u201d<\/p>\n

Powell has suggested an improvement in the labour market is one major remaining prerequisite for action, hence a particular focus on Friday\u2019s jobs figures.<\/p>\n

Investors in China, in contrast, are watching data this week to see whether they indicate policymakers are more likely to step up easing measures.<\/p>\n

Oil was also in focus after energy firms suspended 1.74 million barrels per day of oil production in the U.S. Gulf of Mexico as Hurricane Ida slammed into the Louisiana coast as a Category 4 storm.<\/p>\n

Prices initially rose on Monday morning, but U.S. crude later gave up those gains, falling 0.31% to $68.52 a barrel. Brent crude pared gains and was last up 0.14% at $72.80 per barrel. [O\/R]<\/p>\n

Gold was steady, with the spot price at $1,816.2 per ounce, down 0.1%, having touched its highest in three weeks earlier in the session. [GOL\/]<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

HONG KONG (Reuters) – Asian shares perked<\/p>\n","protected":false},"author":3,"featured_media":137229,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nAsian shares rise on dovish Fed prospects but China caps gains - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/asian-shares-rise-on-dovish-fed-prospects-but-china-caps-gains\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asian shares rise on dovish Fed prospects but China caps gains - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"HONG KONG (Reuters) – Asian shares perked\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/asian-shares-rise-on-dovish-fed-prospects-but-china-caps-gains\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-30T19:38:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/08\/Asian-shares-rise-on-dovish-Fed-prospects-but-China-caps-gains.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/asian-shares-rise-on-dovish-fed-prospects-but-china-caps-gains\/\",\"url\":\"https:\/\/precoinnews.com\/business\/asian-shares-rise-on-dovish-fed-prospects-but-china-caps-gains\/\",\"name\":\"Asian shares rise on dovish Fed prospects but China caps gains - 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