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Asia: Markets mixed after Wall Street records

Asia: Markets mixed after Wall Street records
ASIAN markets diverged on Wednesday after fresh records on Wall Street and remarks by the Fed chief that hinted the US central bank would cut interest rates later this year, without offering a clear timeframe. Read more at The Business Times.

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Asian markets were mixed on Wednesday after Wall Street reached new records and the Fed chief hinted at a possible interest rate cut later this year. The S&P 500 and Nasdaq in the United States edged to all-time highs after Federal Reserve Chair Jerome Powell pointed to “modest” progress in the battle to bring down inflation. Although his Senate testimony did not indicate when cuts may come, analysts are predicting the first in September and a second before year’s end. In Asia, Hong Kong stocks rose above one per cent in morning trade, with Alibaba Group contributing the most to the index gains. China consumer prices edged up 0.2 per cent on-year in June, official data showed on Wednesday, but fell short of analyst expectations and were down from May’s 0.3 per cent increase. While the world’s second-largest economy emerged from a period of deflation in February, prices have grown at a modest rate, in contrast to other major economies which have seen prices soar.