Mixed Asian Business; the Yen Fell to 146 Against the Dollar

japanese yen

TOKYO — Asian stocks were mixed on Wednesday after another volatile day on Wall Street as traders braced for an update on an increase in corporate earnings.

The benchmark fell in Tokyo, Hong Kong and Taiwan, but rose in Shanghai and Sydney. In currency trading, the Japanese yen fell to its lowest level in 24 years against the US dollar at 146 yen, raising expectations of further intervention from Tokyo to support the yen.

South Korea’s Kospi gained 0.5% to 2,203.47 after the Bank of Korea raised its benchmark by 0.5 percent, amid the US Fed’s rate hike and lower risk. rise in inflation due to weak wins and a rebound in world oil prices. In currency trading, the Japanese yen fell to its lowest level in 24 years against the US dollar at 146 yen, raising expectations of further Japanese intervention to support the yen. The dollar traded at 146.26 Japanese yen, down from 145.80 yen. The euro lost 97.13 cents, against 97.07 yen. Related article: CHINA PLANS TO MOVE AWAY FROM “CATCH-UP” TECHNOLOGY

A weak yen raises costs for consumers and businesses that rely on imports for food, fuel and other necessities, but the higher purchasing power of foreign currencies is expected to boost tourism. . Japan reopened for private tourism this week after being closed for more than two years due to the virus.

Japan’s benchmark Nikkei 225 was almost unchanged, losing 4 points to 26,396.83. Australia’s S&P/ASX 200 gained 2.5 points to 6,647.50. Hong Kong’s Hang Seng fell 0.8% to 16,693.18, while the Shanghai Composite rose 0.7% to 3,001.83. “Asia traders will also be well positioned ahead of the European and UK trading period,” ActivTrades’ Anderson Alves said in a commentary. “There is unlikely to be a rebound in the recent hawkish news that has put pressure on riskier assets as inflation remains a global concern.” Caribbean Stud Online Poker for Real Money

On Wall Street, the S&P 500 fell 0.7% on Tuesday, marking its fifth consecutive loss, to close at 3,588.84. The Nasdaq fell 1.1% to 10,426.19. The Dow Jones Industrial Average added 0.1% to 29,239.19, while the Russell 2000 Index rose 1 point, or about 0.1%, to 1,692.92. Recession fears are weighing on the stock market as high core prices prompt consumers to spend money on the Federal Reserve and other central banks to raise interest rates, reduce economic activity and abundance.

The International Monetary Fund on Tuesday lowered its forecast for global economic growth in 2023 to 2.7%, from 2.9% in July. He said Europe faces a serious risk of recession and rising energy prices amid Russia’s attack on Ukraine.

Wall Street is closely watching the Federal Reserve as it continues to aggressively raise interest rates to make borrowing more expensive, a risk-taking strategy that reduces assets and greatly increased the US and pushed it into recession. Uber fell 10.4% and Lyft fell 12% following a US government proposal that could give contractors and ride-sharing companies and other gig-economy businesses full employment status.카지노사이트

The Fed will release minutes of its last meeting on Wednesday, possibly giving Wall Street more information about its views on inflation and next steps. Investors still expect the Fed to raise its key rate by three quarters of a percent next month, the fourth such. This is triple the usual amount and will bring the rate to the level of 3.75% to 4%. He started the year with almost nothing.

The government will also release its inflation report on Wednesday, giving an update on how prices are hitting businesses. The closely watched consumer price report will be released on Thursday and the retail trade report on Friday.

A new batch of corporate income is also coming, which may provide a clearer picture of the impact of inflation. Among the companies reporting quarterly results this week: PepsiCo, Delta Air Lines and Domino’s Pizza. Banks, including Citigroup and JPMorgan Chase, will also report results. In strong trading, benchmark US crude fell 51 cents to $88.84 a barrel in electronic trading on the New York Mercantile Exchange. US crude oil prices fell 2% on Tuesday. Brent, the international benchmark, fell 39 cents to $93.93 a barrel.

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