Thursday, 27 October 2016

Asia Slips after Apple Results hit Wall Street

Asian shares edged down on Thursday after disappointing earnings from technology giant Apple dragged on Wall Street, while the dollar remained shy of this week's nearly nine-month highs. Besides Apple results and forecasts from some other major US companies also weighed on US markets overnight. The S&P 500 and the Nasdaq Composite both skidded, though a standout performance by Boeing lifted the Dow Jones industrial average. 

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MSCI's broadest index of Asia-Pacific shares outside Japan as well as Tokyo's Nikkei stock index were both down 0.2 percent in early trading. Expectations for a year-end rate hike by the Federal Reserve remained intact, and bolstered the greenback. 

In recent weeks, market participants have been pricing in more than a 70 percent chance that the U.S. central bank would hike interest rates in December, according to CME Group's FedWatch program. Later on Thursday, market participants will parse the latest data on US durable goods, jobless claims and pending home sales.

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