What's Affecting Markets Today
Asian Markets Decline
Asia-Pacific markets edged lower Wednesday despite gains in key Wall Street benchmarks ahead of the U.S. August inflation report. Traders analyzed economic data from Japan and South Korea. South Korea’s unemployment rate fell to 2.4% in August, the lowest since 1999. Meanwhile, Japan’s Reuters Tankan survey showed a dip in business sentiment among large manufacturers to plus 4, a seven-month low.
Bank of Japan board member Junko Nakagawa indicated that further interest rate hikes are possible if inflation aligns with forecasts. The yen strengthened to its highest level since January, trading at 141.68 per U.S. dollar.
In corporate news, Seven & i shares dropped nearly 2% following reports that the U.S. Federal Trade Commission might probe its potential deal with Canada’s Alimentation Couche-Tard.
Taiwan Semiconductor Manufacturing Corp. reported August revenue of 250.87 billion New Taiwan Dollars, up 33% year-on-year but down 2.4% from July. Its shares dipped slightly.
Japan’s Nikkei 225 fell 0.72%, South Korea’s Kospi slipped 0.2%, and Hong Kong’s Hang Seng dropped 1.2%.
ASX Stocks
ASX 200 - 7,979.4 (-0.4%)
Key Highlights:
Leaders
MIN – Mineral Resources Ltd (+16.05%)
LTM – Arcadium Lithium Plc (+13.25%)
PLS – Pilbara Minerals Ltd (+12.50%)
LTR – Liontown Resources Ltd (+10.66%)
ADT – Adriatic Metals Plc (+8.68%)
Laggards
NXT – NEXTDC Ltd (-6.67%)
MCY – Mercury NZ Ltd (-4.86%)
AX1 – Accent Group Ltd (-4.57%)
LFG – Liberty Financial Group (-4.52%)
KAR – Karoon Energy Ltd (-3.39%)
