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Asian stocks declined on Wednesday as investors watched the latest updates on the Trump-Harris presidential debate and braced for U.S. consumer price inflation data that could influence the Federal Reserve’s policy moves next week.<\/p>\n
Analysts expect the headline CPI to have risen 0.2 percent month-on-month in August, unchanged from the previous month.<\/p>\n
The dollar dropped, while gold gained ground due to dovish Fed expectations. Current expectations lean towards a 25-basis point cut, but that may not be enough to get ahead of the economy<\/span>.<\/p>\n Oil prices rose more than 1 percent in Asian trading after having dropped to nearly three years low in the New York session on concerns over a weak demand outlook.<\/p>\n Chinese markets<\/span> hit a seven-month low as the U.S. House of Representatives approved The BIOSECURE Act, restricting U.S. ties with specific Chinese biotech companies to safeguard national security.<\/p>\n The benchmark Shanghai Composite Index fell 0.8 percent to 2,721.80. Hong Kong’s Hang Seng Index settled 0.7 percent lower at 17,108.71 after having fallen to a nearly one-month low earlier.<\/p>\n Japanese markets tumbled, as the yen surged to an eight-month high after Bank of Japan board member Junko Nakagawa signaled readiness to raise rates further if the economy and inflation move in line with forecasts.<\/p>\n The Nikkei 225 Index slumped 1.5 percent to 35,619.77, while the broader Topix Index closed 1.8 percent lower at 2,530.67. Automakers Honda Motor, Toyota, Nissan and Mitsubishi Motors dove 3-4 percent.<\/p>\n Seoul stocks ended lower for a seventh consecutive session due to selling by foreign investors. The Kospi dropped 0.4 percent to 2,513.37, dragged down by financials and tech stocks.<\/p>\n Samsung Electronics gave up 2 percent, KB Financial Group plummeted 6 percent and Shinhan Financial Group plunged 6.2 percent.<\/p>\n Australian markets ended modestly lower after Reserve Bank of Australia Assistant Governor Sarah Hunter said the labor market is still tight relative to full employment.<\/p>\n The benchmark S&P\/ASX 200 Index slipped 0.3 percent to 7,987.90, with banks and energy stocks leading losses. The broader All Ordinaries Index settled 0.3 percent lower at 8,195.20.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 Index finished marginally lower at 12,632.35.<\/p>\n U.S. stocks fluctuated before closing mixed overnight ahead of the Harris-Trump debate and August’s CPI inflation report.<\/p>\n The tech-heavy Nasdaq Composite gained 0.8 percent and the S&P 500 added half a percent to score back-to-back gains.<\/p>\n The Dow dipped 0.2 percent, pressured by a fall in oil prices to nearly three-year lows and a slew of cautious comments from American bank executives. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n