### Summary
Asian stocks were mixed as traders awaited the Federal Reserve's summer conference to determine if more interest rate hikes are necessary to deal with inflation.
### Facts
- 📉 Shanghai and Hong Kong stocks retreated, while Tokyo and Seoul stocks advanced.
- 📉 The Hang Seng in Hong Kong lost 1.1%.
- 📈 The Nikkei 225 in Tokyo advanced 0.6%.
- 📈 The Kospi in Seoul gained 0.6%.
- 📊 The S&P 500 index ended the week lower by 0.1%.
- 💵 Some investors are shifting money to bonds as higher interest rates make their payout bigger and less risky.
- 💹 Tech and other high-growth stocks are some of the biggest losers due to higher rates.
- 📉 Ross Stores jumped 5% after reporting stronger-than-expected results, while Estee Lauder fell 3.3% despite reporting stronger profit and revenue than expected.
- ⛽ Benchmark U.S. crude gained 73 cents to $81.39 per barrel, while Brent crude reached $85.55 per barrel.
- 💲 The dollar slightly edged up to 145.35 yen, while the euro rose to $1.0882.
(Source: AP News)
Asian stocks were mixed as traders awaited the Federal Reserve's summer conference for indications on inflation control and interest rate hikes, with investors warned of potential surprises.
Asian currencies against the dollar had minor fluctuations, with the Japanese yen, Singapore dollar, and Taiwanese dollar showing slight gains, while the Chinese yuan experienced a slight decline; overall, there were small changes compared to the end of 2022.
Asian currencies slightly rose as U.S. yields increased, prompting Thailand's and China's central banks to stabilize their currencies, while the Philippines' central bank stated it may intervene to support its currency; additionally, traders are anticipating the U.S. Federal Reserve's symposium in Jackson Hole, Wyoming.
Asia-Pacific markets were mixed on Thursday as Saudi Arabia and Russia extended voluntary oil production cuts, leading to a rise in oil prices, while Chinese property stocks surged.
Asia-Pacific equity markets finished mixed, with Australia's ASX All Ordinaries and South Korea's KOSPI falling, while Taiwan's TAIEX and Hong Kong's Hang Seng declined slightly; European markets are flat to lower, and U.S. equity futures point to a lower open.
Asian currencies, including the Japanese yen and the Singapore dollar, are trading against the US dollar with varied movements, while the year-to-date percentage changes for the currencies show fluctuations.
Asian currencies saw mixed movements against the US dollar, with the Japanese yen and Singapore dollar strengthening, while the Taiwanese dollar and Indonesian rupiah weakened.
Asia-Pacific markets are mixed as investors await inflation data from Singapore, Australia, and Japan, with Japan's inflation data for the Tokyo region seen as a leading indicator of nationwide trends.
Asia-Pacific equity markets closed mixed, with Japan's Nikkei and Taiwan's TAIEX rising, while South Korea's KOSPI and China's Shanghai Composite fell; European markets are lower across the board in midday trading, and U.S. equity futures point to a flat to lower open.
The Thai baht and Indonesian rupiah have weakened against the US dollar due to the dollar's strength and concerns about Pheu Thai's spending plans, while other Asian currencies have also seen losses.
Asian currencies showed mixed movements against the US dollar, with the Japanese yen slightly down, the Singapore dollar up, and the Taiwanese dollar unchanged, among others; overall, there has been varied performance in currency rates across the region in 2023 so far.
Asian currencies, including the Malaysian ringgit, rose in holiday-thinned trading despite a challenging week for regional currencies due to hawkish U.S. Fed rhetoric and surging oil prices, while the U.S. dollar index remained largely flat and Asian stocks mostly traded higher.
Asian currencies against the dollar remained relatively stable, with minimal changes observed in the latest rates, according to data compiled by Reuters.
Asian policymakers are using unconventional measures, such as bond sales, to protect their currencies from the impact of rising US interest rates and global tensions, which are causing outflows from the region's lower benchmark rates; while these measures don't replace the use of foreign-exchange reserves, they reduce the amount needed.
Southeast Asian currencies are trading near their lows for the year against a surging dollar, causing concern for regional governments and businesses due to higher import costs and uncertainties in big markets.
