Asian Stocks Vary & Yen Decreases Compared to Dollar – Asia Market Wrap

Following new highs for US stocks, Asian markets saw wild swings on Wednesday as traders analysed remarks made by Fed Chairman Powell regarding the US economic outlook.

Australia and China’s stocks fell, while those in Hong Kong and Japan rose. There was minimal variation in the region’s shares gauge.

Consumer prices in China hardly increased in June, staying close to zero for a fifth month, indicating that deflationary pressures are still impeding the country’s economic recovery. Factory-gate pricing was still frozen in deflation.

Tuesday saw the S&P 500 rise for a sixth straight session, marking its longest winning run since January, as investors held onto hopes that the Fed would lower rates this year. Another record was set by the Nasdaq 100. In Asian trade, European and US equity futures saw gains.