· Asian shares inch up, caution prevails ahead of Jackson Hole
U.S. stock futures were up 0.2% in Asian hours, suggesting some optimism after sentiment on Thursday was dented by a deadly attack in Afghanistan, and after the Federal Reserve's more hawkish policymakers urged an end to stimulus.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.17%, up 3.78% on the week, which would be its best week since February, while Japan's Nikkei (.N225) shed 0.46%.
In Australia, the benchmark ASX 200 retraced early losses of almost 0.3% to trade near flat. The heavily weighted financials subindex reversed course from a 0.4% loss to trade up 0.21%. Energy and materials sectors were down 0.18% and 0.28%, respectively.
· Nikkei follows Wall Street lower amid caution before Jackson Hole
Japan’s Nikkei index slid on Friday, in line with Wall Street’s declines overnight, on caution around prospects for an earlier-than-expected tapering of Federal Reserve stimulus.
The Nikkei shed 0.36% to end the day at 27,651.51, but that was off the morning’s low of 27,641.14. The broader Topix lost 0.34% to 1,928.77, also recovering partially from early losses.
· Chinese mainland shares also rose: The Shanghai composite was up 0.53% while the Shenzhen component added 0.45%.
The highly anticipated Jackson Hole symposium from the Fed will be held virtually on Friday. Investors are expecting to hear what Powell thinks about the state of the U.S. economy and how he might guide the central bank’s exit from the measures it took to rescue the economy from the Covid-19 pandemic.
The pan-European Stoxx 600 edged 0.1% lower in early trade, with travel and leisure stocks dropping 0.8% while basic resources gained 0.4%.
Reference: CNBC, Reuters
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