Asian Stocks to Slip With US CPI, Iran in Focus: Markets Wrap

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAsian Stocks to Slip With US CPI, Iran in Focus: Markets WrapAsian stocks were poised to follow Wall Street lower as traders held back from riskier bets ahead of key inflation data and remained wary over US-Iran developments.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.mwzq}ma5w)9ki2qv1fre][0r_media_dl_1.png Nymex(Bloomberg) — Asian stocks were poised to follow Wall Street lower as traders held back from riskier bets ahead of key inflation data and remained wary over US-Iran developments.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountEquity-index futures for Australia and Hong Kong pointed to losses at the open. Contracts for US stocks were little changed after both benchmarks edged lower in the New York session, while a gauge of US-listed Chinese companies fell almost 3%. Tokyo stocks will reopen after a holiday Tuesday.US crude was steady early Wednesday around $83 a barrel as Iran reiterated plans to keep the Strait of Hormuz shut until its demands are met. Oil had earlier dropped after Pakistan said the US and Iran were “close to some sort of arrangement.” Treasuries edged up ahead of a report that’s expected to show moderation in consumer prices.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe cautious tone highlights how investors are weighing persistent geopolitical risks with uncertainty over the Federal Reserve’s next move. Hopes for a breakthrough in negotiations have faded after optimism about an imminent deal lifted risk assets last week, while Wednesday’s inflation report may shape bets on the Fed’s policy outlook.“Stocks are reflecting some disappointment about the lack of tangible progress in the Persian Gulf after exuberantly reacting to promises of an imminent deal last week,” said Steve Sosnick, Chief Strategist at Interactive Brokers LLC.Wednesday’s US consumer price index is expected to show that energy-related pressures have eased after intensifying in the months immediately following the start of the war. A softer reading may help alleviate some concern at the Fed after three officials dissented in July in favor of raising interest rates.“I expect the CPI report to continue its downward trend which will further support the case for the Federal Reserve to hold rates steady rather than hiking them, even with last Friday’s weak jobs report,” said Dennis Follmer at Montis Financial.Other US data Tuesday offered a mixed picture of the economy. Sales of existing homes fell to a three-month low in July as elevated prices and mortgage rates continued to weigh on the housing market. Small-business optimism, meanwhile, climbed to the highest in almost a year as firms stepped up hiring plans and inflation pressures eased.In Asia, investors will also be watching the yen as it approaches a key level against the dollar that may revive speculation that Japanese authorities will intervene to support the currency.Elsewhere, gold retreated from a two-month high as traders weighed prospects for a US-Iran agreement while elevated oil prices continued to signal uncertainty over the conflict’s trajectory.“We see crude oil prices driving the war narrative, with price swings likely to dictate the pace of escalation and de-escalation,” said Elias Haddad at Brown Brothers Harriman & Co.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Super Micro Computer Inc. gave a sales forecast for the current quarter that topped analysts’ estimates, a sign the booming artificial intelligence market continues to bolster sales of the company’s servers.CoreWeave Inc., a provider of computing that powers artificial intelligence systems, topped analysts’ estimates for second-quarter sales after signing up more customers in a booming market.SpaceXAI is rolling out new artificial-intelligence software that’s designed to act like a team of AI agents fielding assignments throughout the day, marking the latest bid by Elon Musk’s company to keep pace with Anthropic PBC and OpenAI.Some of the main moves in markets:S&P 500 futures were little changed as of 7:02 a.m. Tokyo timeHang Seng futures fell 0.4%S&P/ASX 200 futures fell 0.4%The Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.1543The Japanese yen was little changed at 159.29 per dollarThe offshore yuan was little changed at 6.7467 per dollarThe Australian dollar was little changed at $0.7061Bitcoin was little changed at $63,711.4Ether rose 0.2% to $1,884.6West Texas Intermediate crude rose 0.3% to $83.46 a barrelSpot gold was little changedThis story was produced with the assistance of Bloomberg Automation.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.