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Asian Shares Fall After Yellen Comments; Nikkei Bucks Trend - NASDAQ.com
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(RTTNews.com) - Most Asian stocks fell on Monday after Federal Reserve Chair Janet Yellen
hinted in her speech at the annual Jackson Hole conference that a rise in interest rates could be on
the cards soon in the midst of an improving U.S. economy.
While Yellen's remarks raised the odds of a rate increase at the September FOMC meeting, many
market participants now look ahead to this week's U.S. jobs report for clues on the pace and timing
of future rate hikes.
Chinese shares ended on a flat note, as gains in industrial stocks offset weakness in the banking
sector. The benchmark Shanghai Composite ended down 0.28 point at 3,070.03 while Hong Kong's
Hang Seng index was down 88 points or 0.38 percent at 22,821.
The Nikkei average jumped 376.78 points or 2.30 percent to 16,737.49, the highest closing level
since August 17. The broader Topix index closed 1.97 percent higher at 1,313.24. Exporters Canon,
Honda Motor, Toyota and Mazda Motor climbed 2-6 percent as the dollar hit a three-week high
against the yen.
Australian shares fell for a third day as U.S. rate hike expectations and the dollar's strength weighed
on commodity prices. Disappointing new home sales data also dented investor sentiment. The
benchmark S&P/ASX 200 dropped 46.30 points or 0.84 percent to 5,469.20 and the broader All
Ordinaries index shed 45.90 points or 0.82 percent to finish at 5,561.50.