Asian shares slip after brutal central bank week, yen in focus

Sydney, Sept. 25 (BNA): Asian shares fell on Monday, dragged by China, after central banks last week reinforced the message that interest rates would stay higher for longer, while investors braced for inflation data from the U.S. and Europe.

 

The yen was jittery near the closely watched 150 per dollar level amid intervention fears, after the Bank of Japan made no change to its dovish monetary policy, Reuters reported.

 

Europe is set for a subdued open, with EUROSTOXX 50 futures off 0.3%. S&P 500 futures , however, rose 0.3% while Nasdaq futures gained 0.4%, after Hollywood’s writers union reached a preliminary labor agreement with major studios.

 

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.5%, edging back to a 10-month low plumbed just last week. Japan’s Nikkei, on the other hand, rose 0.9%, as investors bought beaten-down shares.

 

Chinese shares fell after a rebound on Friday, as property concerns and pre-holiday caution weighed. The blue chips index eased 0.5% and Hong Kong’s Hang Seng index slumped 1.2% as Chinese property developers dived more than 3%.

 

 

M.I.