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Asia stocks uninspired as Japan falls, Fed speech awaited

Wednesday, Sept. 23, 2015|11:58 p.m.

TOKYO (AP)– Asian stocks were uninspired Thursday as Japan’s index fell following a three-day holiday and financiers awaited a speech from the united state Federal Reserve chief.

KEEPING RATING: Japan’s Nikkei 225 dropped 2.3 percent to 17,647.45 and Hong Kong’s Hang Seng lost 0.6 percent to 21,181.74. South Korea’s Kospi increased 0.4 percent to 1,952.42 and the Shanghai Composite Index got 0.6 percent to 3,135.09. Australia’s S&P/ ASX 200 increased 0.9 percent to 5,041.70. Standards in Taiwan, Thailand the Philippines were lower.

JAPAN DATA: Preliminary outcomes of a survey of manufacturers revealed a sharp drop in new export orders that respondents associated partially to weak need in China. The reading of 50.9 for September was down from 51.7 in August, indicating a slower pace of development. Japanese media reported Prime Minister Shinzo Abe planned to announce fresh economic strategies later on in the day.

AUTO SHARES: South Korea’s Hyundai recuperated after taking the brunt of unfavorable belief in Asia originating from Volkswagen’s emissions-rigging scandal. It was the turn of Japanese automakers to fall with Japan’s stock exchange open after a three-day vacation. Toyota and Nissan both dropped 1.4 percent, performing much better than the broader market. Honda shed 3.2 percent and Mazda plunged 6.9 percent.

FED WATCH: Many investors are awaiting a speech on inflation and monetary policy Thursday by U.S. Federal Reserve chair Janet Yellen. Markets are looking for ideas on the timing of the Fed’s very first interest-rate hike in nearly a decade after it held back raising the Fed Funds earlier this month. The Fed has rate-setting conferences in October and December.

THE QUOTE: Will Yellen “provide new info that could see the markets indicated likelihood (of a rate trek this year) boost from the present level of 42 percent?” stated IG chief strategist Chris Weston. “With this level of rates, the Fed will certainly not raise this year,” he stated in a market commentary.

WALL STREET: The Requirement & & Poor’s 500 edged 0.2 percent lower to 1,938.76 on Wednesday and the Dow Jones industrial average lost 0.3 percent to 16,279.89. The Nasdaq composite slipped 0.1 percent to 4,752.74.

ENERGY: Benchmark U.S. crude was up 37 cents at $44.85 a barrel in electronic trading on the New York Mercantile Exchange. The agreement fell $1.88 to close at $44.48 a barrel in New York on Wednesday after a weak Chinese manufacturing report. Brent, a benchmark for global oils, was up 26 cents to $48.74 a barrel in London.

CURRENCIES: The dollar slipped to 119.93 yen from 120.25 yen in the previous trading session. The euro ticked greater to $1.1189 from $1.1182.