Asia Stocks Dip as Fed Signals Steady Interest Rates
Tokyo - Asian stock markets declined on Thursday after the release of Federal Reserve meeting minutes which signaled a cautious approach to interest rate cuts.
Key Points:
* Stocks in Japan and Australia fell, with Hong Kong equity index futures trending lower.
* S&P 500 contracts retreated slightly after a record high on Wednesday, indicating investor caution.
* The Japanese yen strengthened to 151 yen per dollar.
* Fed minutes revealed a reluctance to cut rates amid persistent inflation and economic uncertainty.
* Officials discussed a potential pause or slowdown in balance sheet reduction.
* President Trump's comments on spending cuts and trade were largely dismissed by financial markets.
* Bitcoin hovered near $96,000 after a recent correction.
* Chinese economic data, Alibaba earnings, and Rio Tinto's profit results are expected on Thursday.
Market Data:
Stocks
* S&P 500 futures: Little changed
* Hang Seng futures: -0.8%
* S&P/ASX 200: -0.7%
Currencies
* Bloomberg Dollar Spot Index: Little changed
* Euro: $1.0425
* Japanese yen: 151.26 per dollar
* Offshore yuan: 7.2822 per dollar
* Australian dollar: $0.6344
Cryptocurrencies
* Bitcoin: $96,746.84
* Ether: $2,723.08
Bonds
* Australia 10-year yield: 4.51%
Commodities
* West Texas Intermediate crude: Little changed
* Spot gold: Little changed