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Asian stocks fell for an eighth straight session on Wednesday, with Europe’s energy woes and a drought-fueled power crisis in China keeping investors nervous.<\/p>\n
Investors also braced for a hawkish message from the Federal Reserve at this week’s Jackson Hole symposium.<\/p>\n
The dollar traded firm and the 10-year U.S. Treasury yield held above 3 percent after Minneapolis Federal Reserve Bank President Neel Kashkari said the Fed needs to be more aggressive to control inflation. <\/p>\n
Gold was little changed while oil prices fluctuated after surging by nearly 4 percent overnight on news that OPEC could cut output to correct the recent oil price fall.<\/p>\n
China’s Shanghai Composite index slumped 1.86 percent to 3,215.20 on concerns that the risk from the country’s property sector could spill into the wider economy<\/span>. Hong Kong’s Hang Seng index fell 1.20 percent to 19,268.74.<\/p>\n Japanese stocks closed at a two-week low as recession worries persisted. The Nikkei average slipped 0.49 percent to 28,313.47 while the broader Topix index ended 0.22 percent lower at 1,967.18.<\/p>\n Tech stocks were hit hard, with Screen Holdings and Tokyo Electron losing 1-2 percent. Video game company Konami lost 2.8 percent and Nintendo fell 2.6 percent. <\/p>\n Energy stocks outperformed, with Inpex Corp adding 1.7 percent. Tokyo Electric jumped 10 percent after reports that the government wants to restart more nuclear reactors to avoid power shortages. <\/p>\n Seoul stocks posted modest gains to snap a five-day losing streak. The Kospi average inched up half a percent to 2,447.45 as the Korean won rose against the dollar for the first time in seven sessions. <\/p>\n The Bank of Korea will hold its monetary policy meeting on Thursday, with economists expecting a 25-bps rate hike.<\/p>\n Australian stocks closed higher, led by gains in the energy and mining sectors. The benchmark S&P\/ASX 200 rose 0.52 percent to 6,998.10 while the broader All Ordinaries index ended 0.60 percent higher at 7,242.30.<\/p>\n AUB Group surged 5.5 percent and software solutions provider WiseTech Global soared 12.8 percent after reporting encouraging annual results. <\/p>\n Supermarket group Coles lost 4.6 percent after it flagged higher costs for the 2023 fiscal year.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX 50 index edged up 0.10 percent to settle at 11,655.33. Telecommunications firm Spark New Zealand advanced 1.5 percent after announcing its 2022 results. <\/p>\n U.S. stocks closed lower for a third straight session overnight as a slew of disappointing economic readings added to economic woes.<\/p>\n Business activity contracted for as second straight month in August, factory activity in the U.S. central Atlantic region contracted in the month and sales of new single-family homes plunged to a 6-1\/2-year low in July, adding to concerns about economic slowdown and tighter monetary policy.<\/p>\n The Dow dipped half a percent, the S&P 500 eased 0.2 percent and the tech-heavy Nasdaq Composite ended flat with a negative bias. <\/p>\n<\/p>\n<\/div>\n