Losses in Asia’s technology sector are led by Hong Kong; China cuts rates ahead of Fed and Bank of Japan meetings this week.
Asia-Pacific stocks fell on Monday, ahead of major central bank meetings this week.
The Hong Kong Hang Seng index fell 0.89% in the final hour of trading, while the Hang Seng Tech index fell 1.93%. South Korea’s Kospi fell 1.14% to 2,355.66, while the Kosdaq fell 2.35% to 751.91.
The Shanghai Composite fell 0.35% to 3,115.60 in mainland China, while the Shenzhen Component fell 0.48% to 11,207.04. The People’s Bank of China has reduced the 14-day reverse repo rate.
In Australia, the S&P/ASX 200 fell 0.28% to 6,719.90. The MSCI Asia Pacific Index (excluding Japan) fell 0.59%.
Monday was a holiday in Japan, so the market was closed.
The Federal Reserve and the Bank of Japan will announce their interest rate decisions later this week.
According to the CME FedWatch tracker of Fed funds futures bets, traders are betting on a 75-basis-point rate hike from the Fed, with an 82% probability.
According to a Reuters poll, the Bank of Japan is expected to keep interest rates at ultra-low levels.
Kundan Goyal has 6+ years of experience in news editing and market research. He has helped businesses of all sizes make strategic decisions and predict future trends. Kundan only publishes content that will help them grow their sales and revenue. He publishes business news in many different categories to help industry’s learn more about any product.In his spare time, he enjoys cooking and listening music .
