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Asian stocks mixed after Wall Street rebound | business



BEIJING (AP) – Asian stock markets mingled Thursday after Wall Street's decline as investors looked forward to a speech by the US Central Bank's clues about possible interest rate cuts.

The investor's reaction was muted following Wednesday's release of notes from the last Fed meeting that show conflicting opinions on prices.

Benchmarks in Shanghai and Hong Kong fell while Tokyo and Sydney climbed.

Investors look to Chairman Jerome Powell's speech Friday to get guidance on whether the Fed could cut interest rates at its next meeting in September. The Fed cut its key policy rate on July 31

for the first time in more than a decade, citing President Donald Trump's tariff battle with Beijing and other potential threats to economic growth.

The markets have a "high degree of political uncertainty" ahead. about Powell's speech and US-China trade talks in September, Oanda's Stephen Innes said in a report.

Mixed views among Fed leaders are "well documented," but the notes are a "reminder of how challenging it can be for Chairman Powell to meet the market's unexpected expectations," Innes said.

The Shanghai Composite Index fell 0.2% to 2,876.08 and Hong Kong's Hang Seng fell 0.7% to 26,095.95.

Tokyo's Nikkei 225 rose 0.1% to 20,647.87 and Sydney's S&P-ASX 200 rose 0.3% to 6,505.90.

Seoul's Kospi was 0.6% lower at 1,953.39. New Zealand was up while the markets in Taiwan and Southeast Asia fell.

On Wall Street, Standard & Poor's 500 index rose 0.8% to 2,924.43. The Dow Jones industrial average increased 0.9% to 26,202.73. Nasdaq added 0.9% to 8,020.21.

Businesses cite strong quarterly results from retailers as a sign of health among consumers accounting for 70% of US economic growth.

The goal made its biggest profit ever, while Lowe had the best day of more than a year, leading a broad meeting of companies that depend on consumer spending. Nordstrom, Kohl, Gap and other traders closed higher.

Technology companies accounted for a large share of the profits. Financial equities rose as bond prices fell, pushing returns higher. Real estate and material stocks lag behind the rest of the market.

The Trump administration has introduced a 25% tariff on $ 250 billion in Chinese imports. A pending 10% tariff for another $ 300 billion in goods would affect everything from toys to clothes and shoes China sends to the United States. But 60% of the new tariffs would not take effect until mid-December, and others were completely taken off the table.

ENERGY: Benchmark US crude gained 2 cents to $ 55.70 per barrel in e-commerce at the New York Mercantile Exchange. The contract lost $ 0.45 on Wednesday to close at $ 55.68. Burnt crude, used to praise international oils, dropped 4 cents to $ 60.26 in London. It got 27 cents the previous session for $ 60.30.

CURRENCY: The dollar fell to 106.40 yen from Wednesday's 106.62 yen. Euro rose to $ 1.1089 from $ 1.1086.

Copyright 2019 The Associated Press. All rights reserved. This material cannot be published, transmitted, rewritten or redistributed.


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