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ASIA STOCKS STEADY AS FED COMMENTS SOOTHE MARKETS
- By The Financial District
- Jun 23, 2021
- 1 min read
Asian stocks were steady Wednesday, June 23, 2021, after reassuring comments on inflation and monetary policy from Federal Reserve officials bolstered investor sentiment. Treasury yields held declines, Andreea Papuc reported for Bloomberg News.
Stocks fluctuated in narrow ranges, dipping in Japan, China, and Australia but inching higher in Hong Kong. US equity contracts made modest gains after the S&P 500 climbed a second day.
Overnight, Fed Chair Jerome Powell reiterated his view that inflation pressures will be transitory even after a notable increase in recent months. He added that the Fed would be patient in waiting to lift borrowing costs.
S&P 500 futures rose 0.1% as of 10:46 a.m. in Tokyo. The S&P 500 rose 0.5%. Nasdaq 100 futures edged up 0.2%. The Nasdaq 100 rose 0.9%. Japan’s Topix index shed 0.3%. Australia’s S&P/ASX 200 index lost 0.5%.
South Korea’s Kospi index added 0.2%. Hong Kong’s Hang Seng index rose 0.4%. China’s Shanghai Composite index declined 0.2%. The yen was at 110.79 per dollar, dipping 0.1%. The offshore yuan was at 6.4818 per dollar.
The Bloomberg Dollar Spot Index rose 0.1%. The euro traded at $1.1928. The yield on 10-year US Treasuries held at 1.46%. Australia’s 10-year yield dropped two basis points to 1.58%. West Texas Intermediate crude was at $73.11 a barrel, up 0.4%. Gold was at $1,779.16 an ounce, Rita Nazareth, Vildana Hajric, and Cormac Mullen reported for Bloomberg News.
