Asian stocks outside Japan fell after the Federal Reserve raised its estimates for interest rates. Japan’s Topix (TPX) index jumped toward a six-year high on a weaker yen.
Hyundai Motor Co. sank 7.6 percent after South Korea’s largest carmaker led a group that bid for real estate with an offer triple the property’s assessed value. Honda Motor Co., a Japanese carmaker that gets 47 percent of sales in North America, rose 2.7 percent. Arrium Ltd. plunged 27 percent in Sydney after raising capital. Sony Corp. dropped 8.1 percent as the Japanese consumer-electronics maker widened its net loss forecast and said it will suspend an annual dividend.
The MSCI Asia Pacific excluding Japan Index lost 0.9 percent to 490.73 as of 11:54 a.m. in Hong Kong. The Topix rose 1.1 percent as the yen reached a six-year low against the dollar, boosting the earnings outlook for exporters. The Fed raised by 25 basis points its median estimate for where the federal funds rate will be by the end of 2015, while maintaining a commitment to keep rates near zero for a “considerable time” after bond purchases are completed.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015