The Canadian Press - ONLINE EDITION

Asia stocks higher, Europe mostly flat as investors await Fed chief Yellen's speech

  • Print

HONG KONG - Most Asian stock markets pushed higher Friday after a record day on Wall Street powered by upbeat data that added to evidence the world's biggest economy is gaining strength. European shares were flat as investors awaited a meeting of central bankers that might shed light on the timing of U.S. interest rate hikes.

KEEPING SCORE: Germany's DAX was little changed at 9,401.76 while Britain's FTSE 100 was flat at 6,777.53. France's CAC 40 dropped 0.2 per cent to 4,282.48. U.S. stocks were poised for slight gains after Thursday's new highs. Dow futures were up 0.1 per cent to 17,030 and broader S&P 500 futures edged up 0.1 per cent to 1,990.60.

YELLEN SPEECH: Attention will turn to Jackson Hole, Wyoming, where U.S. Federal Reserve Chair Janet Yellen is set to headline an annual conference of central bankers and other policymakers from around the globe. Her speech on labour markets will be parsed by investors looking for any hints on the timing of interest rate hikes. Economists widely expect her to stick to her position that the job market isn't yet strong enough to allow the Fed to begin raising rates, which means markets will stay higher.

DRAGHI'S TURN: The Jackson Hole meeting's other big speech will be given by European Central Bank chief Mario Draghi. He's expected to give his view on the eurozone economy, which is stagnating even as rates are ultralow and stimulus is plentiful. "Overall, the tale of two speeches today is likely to be that monetary policy stimulus is still here for a while yet in the US, and a very long while in Europe," said Rabobank analyst Michael Every.

ASIA'S DAY: Japan's benchmark Nikkei 225 erased morning gains to close 0.3 per cent lower at 15,539.19 as the yen strengthened. South Korea's Kospi added 0.6 per cent to 2,056.70. Hong Kong's Hang Seng advanced 0.5 per cent to 25,112.23 and the Shanghai Composite in mainland China gained 0.5 per cent to 2,240.81. Australia's S&P/ASX 200 edged up 0.1 per cent to 5,645.60. Benchmarks in Taiwan, Singapore, Thailand, The Philippines and New Zealand also advanced.

JOBS AND HOMES: U.S. unemployment benefit claims fell by 14,000 last week to 298,000 while existing homes sales rose in July to 5.15 million, the highest annual rate since September, providing further signs of the economy's rebound.

CURRENCIES: The euro strengthened to $1.3292 from $1.3278 in late trading Thursday. The dollar weakened to 103.74 yen from 103.84 yen. A stronger yen makes Japanese stocks pricier for overseas investors and autos and electronics made by the country's exporters costlier in foreign markets.

ENERGY: Benchmark crude oil for October delivery fell 36 cents to $93.59 in electronic trading on the New York Mercantile Exchange. The contract rose 51 cents to settle at $93.96 on Thursday. Brent crude shed 18 cents to $102.45 on the ICE exchange in London.

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Preview of Small Things at PTE Mainstage

View more like this

Photo Store Gallery

  • PHIL HOSSACK / WINNIPEG FREE PRESS 070619 LIGHTNING ILLUMINATES AN ABANDONED GRAIN ELEVATOR IN THE VILLAGE OF SANFORD ABOUT 10PM TUESDAY NIGHT AS A LINE OF THUNDERSTORMS PASSED NEAR WINNIPEG JUST TO THE NORTH OF THIS  SITE.
  • BORIS MINKEVICH / WINNIPEG FREE PRESS  070527 The 21st Annual Teddy Bears' Picnic at Assiniboine Park. The Orlan Ukrainian Dancers perform on stage.

View More Gallery Photos

Poll

Are you still on the Bombers' and Jets' bandwagons?

View Results

View Related Story

Ads by Google