{"id":71605,"date":"2024-08-23T16:01:48","date_gmt":"2024-08-23T06:01:48","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71605"},"modified":"2025-11-10T21:32:42","modified_gmt":"2025-11-10T10:32:42","slug":"friday-23rd-august-2024-asia-pacific-markets-fall-ahead-of-powells-speech","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-23rd-august-2024-asia-pacific-markets-fall-ahead-of-powells-speech\/","title":{"rendered":"Friday 23rd August 2024: Asia-Pacific Markets Fall Ahead of Powell\u2019s Speech"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 0.11%, Shanghai Composite down 0.03%, Hang Seng down 0.43% ASX down 0.18%<\/li>\n\n\n\n<li>Commodities : Gold at $2527.35 (0.39%), Silver at $29.23 (0.71%), Brent Oil at $77.2 (-0.09%), WTI Oil at $73.02 (-0.08%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.845, UK 10-year yield at 3.963, Germany 10-year yield at 2.245<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Unemployment Claims&nbsp; 232K vs 232K expected<\/li>\n\n\n\n<li>(USD) Flash Manufacturing PMI&nbsp; 48.0 vs 49.5 expected<\/li>\n\n\n\n<li>(USD) Flash Service PMI&nbsp; 55.2 vs 54 expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets mostly declined on Friday as investors awaited remarks from U.S. Federal Reserve Chairman Jerome Powell at the Jackson Hole gathering of global central bankers. Powell&#8217;s previous speeches at this event have often provided key insights into U.S. monetary policy.<\/p>\n\n\n\n<p>In Japan, July&#8217;s headline inflation remained steady at 2.8%, unchanged from June. Core inflation, which excludes fresh food, rose to 2.7%, aligning with economists&#8217; expectations and slightly higher than June&#8217;s 2.6%. However, the &#8220;core-core&#8221; inflation rate, excluding both fresh food and energy, dropped to 1.9% in July from 2.2% in June, marking its lowest level since September 2022.<\/p>\n\n\n\n<p>Japan\u2019s Nikkei 225 reversed earlier gains, ending down 0.11%, while the Topix edged up slightly. Bank of Japan Governor Kazuo Ueda addressed the country&#8217;s parliament, emphasizing the central bank&#8217;s heightened vigilance in response to market instability.<\/p>\n\n\n\n<p>Elsewhere in the region, South Korea\u2019s Kospi fell 0.51%, and the small-cap Kosdaq declined 0.58%. Australia&#8217;s S&amp;P\/ASX 200 dropped 0.18%. Hong Kong\u2019s Hang Seng index was down 0.43%, and mainland China\u2019s CSI 300 extended its losing streak to four days.<\/p>\n\n\n\n<p>Overnight in the U.S., the Nasdaq Composite led losses, falling 1.67%, while the S&amp;P 500 slipped 0.89%, and the Dow Jones Industrial Average declined 0.43%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD Core Retail Sales m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; CAD Retail Sales m\/m<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD Existing Home Sales<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD Fed Chair Powell Speaks<\/li>\n\n\n\n<li>3:00 PM GMT &#8211; GBP BOE Gov Bailey Speaks<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets mostly declined [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71605"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=71605"}],"version-history":[{"count":1,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71605\/revisions"}],"predecessor-version":[{"id":71608,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71605\/revisions\/71608"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}