Asian markets ended mostly lower on Wednesday after comments from Federal Reserve officials tempered rate cut hopes. Fed Reserve Chairman Jerome Powell pushed back against pressure from President Trump to cut interest rates, saying that monetary policy should not overreact to any individual data point or short-term swing in sentiment. Separately, well-known Fed dove Bullard said that a 50 bps rate cut in July would be too much. Investors also awaited the outcome of the G20 summit this week for directional cues. Chinese shares ended lower, dragged down by financials as caution prevailed ahead of the Trump-XI meeting. Further, Japanese shares ended down after Fed Chairman Jerome Powell said the US central bank is ‘insulated from short-term political pressures,’ dampening market hopes the central bank would deliver a half-point interest-rate cut in July.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,976.28 | -5.79 | -0.19 |
Hang Seng | 28,221.98 | 36.00 | 0.13 |
Jakarta Composite | 6,310.49 | -9.96 | -0.16 |
KLSE Composite | 1,674.49 | -2.12 | -0.13 |
Nikkei 225 | 21,086.59 | -107.22 | -0.51 |
Straits Times | 3,301.25 | -3.02 | -0.09 |
KOSPI Composite | 2,121.85 | 0.21 | 0.01 |
Taiwan Weighted | 10,652.55 | -54.17 | -0.51 |
