Asia Collapses Ahead of Powell Speech

Asia-Pacific markets fell across the board as investors prepared for signals on U.S. monetary policy from central bankers’ comments at the Jackson Hole meeting on Friday, including a speech by U.S. Federal Reserve chair Jerome Powell.

In Japan, the Nikkei 225 index collapsed 662.93 points, or 0.9%, to 31,624.28, ending a four-day win streak.

Core inflation rate for Japan’s capital Tokyo came in at 2.8% for August, slightly below the 2.9% expected by economists polled by Reuters. The core inflation rate strips out prices of fresh food.

Overall inflation for Tokyo was recorded at 2.9%, lower than the 3.2% seen in July.

In Hong Kong, the Hang Seng dropped 255.79 points, or 1.4%, to 17,956.38.


The CSI 300 fell 14.28 points, or 0.4%, to 3,709.15.

Shares of Chinese food delivery giant Meituan dipped 5.2% on Friday after the company’s management warned of a slowdown in food delivery volume in the third quarter.

In other markets

In Taiwan, the Taiex index retreated 289.29 points, or 1.7%, to 16,481.56.

In Korea, the Kospi index slipped 18.54 points, or 0.7%, to 2,519.14.

In Singapore, the Straits Times Index went against the tide and gained 9.16 points, or 0.3%, to 3,189.88.

In New Zealand, the NZX 50 backtracked 34.47 points, or 0.3%, to 11,467.66.

In Australia, ASX 200 subtracted 66.93 points, or 0.9%, to 7,115.18.

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