Asian Market Falls Early Morning as Investors Anticipate Fed’s Speech

All Asia-Pacific indices turned negative in early trading session on Friday, leading by -1.7% on NIKKEI to 31,700 after Tokyo inflation came in at a slightly lower rate than expected of +2.8%, followed by -1.1% on Taiwan’s TWII, which dropped below 16,600.

Hong Kong’s HSI and Australia’s ASX 200 both dropped by -1% down to 18,050 and 7,110, respectively. Other indices also went down by approximately -0.5% such as KOSPI, Shenzhen and NZX 50.

Meanwhile, US Future S&P 500 was down by -2% to 4,380 and NASDAQ fell -3.6% to 14830 after reaching its peak at 15,400 last night. Most traders and investors will have all eyes on Jerome Powell’s Jackson Hole speech tonight. Possibly some might jump the gun causing these drops. There’re some profit-taking going on with the Magnificent 7 stocks, which dropped at an average of -2%, except Nvidia (NVDA) that stood its price. Meanwhile, some might have anticipated a future strong dollar as dollar index (DIXY) future broke through 104 level.