Asian Markets Pause as Investors Seek New Catalysts: Yen Faces Pressure
Asian markets stalled as investors looked for new catalysts, with the yen facing pressure against the euro and Swiss franc. Oil prices retreated after surging due to unexpected US crude inventory drops. European and Wall Street futures were subdued ahead of Federal Reserve pronouncements on potential rate cuts.
Asian shares took a temporary pause from their recent upward trend on Thursday as investors eagerly awaited new market catalysts. The yen experienced significant selling pressure, particularly against the euro and Swiss franc.
Oil prices retreated slightly after increasing by over 2% overnight to seven-week highs, driven by a surprise decline in U.S. crude inventories and ongoing supply issues in Iraq, Venezuela, and Russia. European stocks are poised for a muted opening, with EUROSTOXX 50 futures down by 0.1%. U.S. futures remained flat, as investors anticipated remarks from Federal Reserve officials, scrutinizing their perspectives on interest rates.
The MSCI's Asia-Pacific index outside Japan fell by 0.1%, despite a 5% rally for the month and a 9% gain for the quarter. In contrast, Japan's Nikkei rose by 0.2%. Chinese tech shares continued their historical winning streak, buoyed by optimism surrounding AI advancements.
(With inputs from agencies.)
Google News