Asian Markets down as sentiment remains uncertain
Investors significantly reduced their investment in bank stocks
Asian stocks down
US CPI data in focus
Asian markets followed Wall Street 5th day downtrend as Japan’s Nikkei fell over 2% on increased market uncertainty towards exposure to US bonds. South Korea’s KOSPI was also down 2%, and Hong Kong’s Hang Seng dropped 1.8%.
China’s yuan and the Japanese yen were higher today despite prolonged uncertainty. The Chinese Yuan was last seen near 6.8712. while the USD/JPY was inching higher near 133.82.
Most major currencies retreated as the US dollar regained some strength ahead of US CPI figures.
Stocks fell in the US Session
Financials plunged overnight with the S&P banking index falling 7%, its biggest once day drop since 2020.
Major indices continued to plunge overnight, for the 5th consecutive day. The Dow Jones fell to $31,819. While the S&P dropped all the way to $3,808.
US CPI to be key catalyst for the rest of the trading week
Focus today will be on the US CPI inflation reading expected to come in at 6.0%, from 6.4% previous. The data will heavily influence the waited FED decision next week.