Schneider Electric Expands Youth Partnership with Enactus to Drive Inclusive Energy Transition in Egypt    China's Jiangsu Zhengyong to build $85m factory in Egypt's Ain Sokhna: SCZONE    Egyptian pound ticks up vs. US dollar at Thursday's close    Egypt condemns Israeli plan to build 3,400 settler homes in West Bank    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Egypt, Namibia explore closer pharmaceutical cooperation    Egypt, China ink $1bn agreement for Sailun tire plant in SCZONE    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's Electricity Minister discusses progress on Greece power link    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Asia stocks hold gains before Yellen speech, dollar firm
Published in Amwal Al Ghad on 25 - 08 - 2016

Asian stocks edged higher on Thursday but clung to recent well-worn trading ranges while the dollar held firm against regional currencies ahead of a speech by Federal Reserve Chair Janet Yellen at a global central bankers' meeting.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edged 0.3 percent higher. It is down 1.6 percent after hitting a one-year high last Tuesday.
Japan's Nikkei .N225 was down 0.3 percent, pressured by losses on Wall Street overnight and investor caution ahead of Yellen's speech in Jackson Hole, Wyoming, on Friday.
Market expectations have increased that Yellen might indicate a clearer timeframe for the next U.S. rate hike after strong housing data this week and hawkish comments by other Fed officials, but many analysts expect her to strike a more neutral stance.
"I don't think the Fed will want to introduce market volatility in the run-up to the G20 meeting and she might strike a more neutral stance on interest rate policy," said Gao Qi, an FX strategist at Bank of Nova Scotia in Singapore, referring to a summit of G20 leaders in China in early September.
A U.S. rate increase last December - the first in almost a decade - unleashed a selloff in global financial markets, sending emerging market currencies and debt falling sharply. A broad index of Asian shares fell more than 10 percent in the two months after the hike.
On Wednesday, futures markets were indicating just an 18 percent chance the Fed would hike rates at its policy meeting next month, and roughly 50 percent odds of a rate increase in December, according to CME Group's FedWatch tool.
Taiwan .TWII led regional gainers in Asian stock markets with a rise of 0.8 percent thanks to a bounce in financials. Chinese stocks .SSEC .SZSC were among the top losers, falling 1 percent to extend their slide this week as investors dumped property shares, while banks came under pressure ahead of earnings reports and a crackdown on riskier lending practices in the financial sector.
"The whole (property) sector had surged more than 20 percent at one point this month, and falls in share prices this morning were purely a result of investors' trading strategy as they want to lock in profits," said Joe Qiao, a Shanghai-based analyst at Xiangcai Securities.
Major U.S. indexes closed down on Wednesday, pulled lower by weakness in the materials and healthcare sectors. The Dow .DJI lost 0.4 percent and S&P 500 .SPX fell 0.5 percent. [.N] Stock futures ESc1 were broadly flat in Asian trade.
In currencies, the dollar was a shade firmer at 100.44 yen JPY=, inching away from the 100-yen level under which it has dipped in recent sessions.
The pair has traded in a narrow 99.55-102.83 band this month, and could move back toward the upper end of that range depending on Yellen's remarks, analysts say.
"With 40 hours to go before Janet Yellen's testimony at Jackson Hole, the dollar has finally caught a bid," Kathy Lien, managing director of FX strategy at BK Asset Management, said in a note.
Against a broad trade-weighted basket of its peers .DXY, the dollar was flat on the day at 94.72. Against the euro, it was changing hands at $1.12740 EUR=.
In commodities, crude oil prices remained under pressure after sliding sharply on Wednesday.
U.S. crude CLc1 was a touch firmer at $46.80 a barrel following a roughly 3 percent drop overnight after an unexpectedly large inventory build in the world's biggest oil consumer renewed worries about oversupply.
Source: Reuters


Clic here to read the story from its source.