• By The Financial District

Asian Shares Fall, Follow Wall Street Losses

Asian shares fell and the dollar steadied on Wednesday, August 10, 2022, as investors waited for a key US report on inflation to provide hints to the Federal Reserve's plans for future monetary tightening, Sam Byford reported for Reuters.


Photo Insert: The slips in Asian markets tracked Wall Street, which closed on Tuesday with all three major indices down.



The Consumer Price Index (CPI) report will be released later today, with markets watching for signs that inflation eased in July despite last week's unexpectedly strong US jobs numbers.


"I don’t think that we are through the bear market woods yet – recession risks loom and I don’t think the Fed is done with its aggressive belt tightening," said David Chao, a global market strategist for Asia Pacific ex-Japan at Invesco.



"A strong CPI print this week could mean the Fed is back to its aggressive rate hiking path, which would re-strengthen the USD," said Chao.


MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51%, while Japan's Nikkei extended losses from the previous day and was down 0.65%. South Korea's KOSPI lost 0.64%, Australia's dropped 0.12%, and Taiwan's TAIEX fell 0.70%.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The slips in Asian markets tracked Wall Street, which closed on Tuesday with all three major indices down. The S&P 500 fell 0.42%, the Dow Jones Industrial Average dropped 0.18%, and the Nasdaq Composite lost 1.19%. The dollar reversed losses overnight and was trading flat in Asia.


The dollar index, which measures the safe-haven greenback against six major peers, was down 0.009% at $106.330. Oil prices fell slightly after an overnight surge petered out.


Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Brent crude futures were down 15 cents to $96.16 a barrel, while US West Texas Intermediate (WTI) crude was down 22 cents to $90.28. Gold also pared gains and was down 0.09% at $1,792.54 an ounce. It briefly broke through the $1,800 barrier overnight for the first time in more than a month.



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