Asian shares slip as central banks promise tough love

Record ID: 1686542

  • Title: Asian shares slip as central banks promise tough love
  • Date: 29th August 2022
  • Summary: TOKYO, JAPAN (AUGUST 29, 2022) (REUTERS) PEOPLE WALKING AND CYCLING OUTSIDE TOKYO STOCK EXCHANGE TOKYO STOCK EXCHANGE LOGO SECURITY GUARD BEHIND GLASS DOOR BEARING LOGO OF TOKYO STOCK EXCHANGE STREET OUTSIDE TOKYO STOCK EXCHANGE / TOKYO STOCK EXCHANGE LOGO TOKYO STOCK EXCHANGE LOGO ON SCREEN NIKKEI 225 INDEX OPENING AT 28,161.06 SCREENS SHOWING STOCK PRICES AND INDICES SCREENS SHOWING NIKKEI 225 AND NIKKEI 400 SCREENS SHOWING FALLING STOCK PRICES OF JAPANESE COMPANIES VARIOUS OF SCREENS BEHIND BELL SHANGHAI, CHINA (AUGUST 29, 2022) (REUTERS) TRAFFIC BEFORE ORIENTAL PEARL TOWER ELECTRONIC TICKER BOARD SHOWING SHANGHAI COMPOSITE INDEX AND SHENZHEN COMPONENT INDEX TRAFFIC MOVING BELOW TICKER BOARD STOCK INFORMATION ON TICKER BOARD TRAFFIC MOVING BELOW TICKER BOARD VARIOUS OF STOCK INFORMATION ON TICKER BOARD SYDNEY, AUSTRALIA (AUGUST 29, 2022) (REUTERS) PERSON CYCLING PAST EXCHANGE SQUARE EXCHANGE SQUARE EXTERIOR SIGN AUSTRALIAN STOCK EXCHANGE SCREENS AT OPENING SCREEN SHOWING S&P AND ASX 50 INFORMATION AT OPENING SCREEN SHOWING S&P AND ASX 50 / S&P AND ASX 200 AT OPENING VARIOUS OF SCREENS SHOWING ALL ORDINARIES GRAPH AT OPENING VARIOUS OF SCREENS SHOWING STOCK PRICES SEOUL, SOUTH KOREA (AUGUST 29, 2022) (REUTERS) PEOPLE HOLDING UMBRELLAS WALKING ACROSS STREET STATUE OF SEJONG THE GREAT INTERIOR OF DEALING ROOM AT KEB HANA BANK ELECTRONIC BOARDS SHOWING KOREA COMPOSITE STOCK PRICE INDEX (KOSPI) AND USD/KRW EXCHANGE RATE ELECTRONIC BOARD SHOWING KOSPI VARIOUS OF DEALERS WORKING TICKER SHOWING KOSPI / DEALERS WORKING
  • Embargoed: 12th September 2022 04:27
  • Keywords: ASX Asia Fed Japan KOSPI Nikkei Powell SHCOMP Shanghai Stock Exchange Tokyo Stock Exchange central bank finance markets stock exchange
  • Location: TOKYO, JAPAN / SHANGHAI, CHINA / SYDNEY, AUSTRALIA / SEOUL, SOUTH KOREA
  • City: TOKYO, JAPAN / SHANGHAI, CHINA / SYDNEY, AUSTRALIA / SEOUL, SOUTH KOREA
  • Country: Various
  • Topics: Commodities Markets,Economic Events
  • Reuters ID: LVA001115129082022RP1
  • Aspect Ratio: 16:9
  • Story Text:Asian shares slid on Monday (August 29) as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher and tested equity and earnings valuations.
    Japan's Nikkei dropped 2.3%, the Shanghai Composite Index lost 1.0%, Australia's ASX index opened 1.1% lower, while South Korea's KOSPI also shed 2.3%.
    On Friday (August 26), Federal Reserve Chair Jerome Powell's promise of policy "pain" to contain inflation quashed hopes that the central bank would ride to the rescue of markets as so often in the past.
    The tough love message was driven home by European Central Bank board member Isabel Schnabel who warned over the weekend that central banks must now act forcefully to combat inflation, even if that drags their economies into recession.
    (Production: Xihao Jiang, Cordelia Hsu, Daewoung Kim, Tom Bateman, Minwoo Park, Kokkai Ng)
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2022. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register