Sydney, June 29 (BNA): Asian stocks fell on Thursday after global central banks reaffirmed their determination to combat inflation, warning that rates may need to rise further, while the yen and the Chinese yuan struggled to recover from their lows amid fears of official intervention. . .
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while markets in Singapore, India and Malaysia were closed for holidays. Chinese blue-chips (decreased 0.3% and Hong Kong’s Hang Seng index fell 0.7%, according to Reuters.
However, Japan’s Nikkei is up 1% and is on track for a monthly gain of 8.5% and a quarterly jump of 19%.
The offshore yuan hovered near an eight-month low of 7.24 per dollar on Thursday, after the central bank set daily guidance at the weakest level since November.
Overnight, US stocks were mixed. The Nasdaq (.IXIC) managed to make slight gains supported by technology stocks, with Apple hitting a record closing high, while the Dow (.DJI) closed slightly lower.
At the European Central Bank Forum on Wednesday, Federal Reserve Chairman Jerome Powell said the Fed will likely raise interest rates further and did not rule out raising interest rates for July. Notably, he said he does not see inflation regressing to the 2% target until 2025.
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