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Asian stocks snap two-day winning streak ahead of Fed minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The stock markets across Asia erased early gains to trade in the red as investors remain cautious ahead of the Fed minutes release due later today.

    Index score card

    At the time of writing, Japan’s Nikkei index was down 2% or 300 points. Hang Seng was down 0.5% or 87 points. China’s Shanghai Composite index was down 0.25%. The index was up 0.40% earlier today. Australia’s S&P/ASX 200 was down 0.70% and South Korea’s Kospi was down 0.30%.

    Markets expect the Fed minutes to show the rate hike is highly unlikely in March. Cautious mood also got a boost on decreased odds of a production freeze agreement between major producers. A Russia-Saudi accord announced yesterday will only take effect if other OPEC nations agree to it.

    Consequently, energy shares came under pressure. Woodside Petroleum Ltd., Australia’s second-largest oil and natural gas producer, fell more than 5.3% after reporting a 99% drop in the full-year profit.
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