The windows of a restaurant at The Peak are taped up in Hong Kong on August 24, 2022, as the Hong Kong Observatory issued Typhoon Signal No. 8 in the early hours. HKEX canceled the morning session as T8 was issued. (Photo by ISAAC LAWRENCE/AFP) (Photo by ISAAC LAWRENCE/AFP via Getty Images)
Isaac Lawrence | AFP | Getty Images
Markets in the Asia-Pacific traded higher ahead of the opening of the Jackson Hole Symposium in the US, while Hong Kong’s session resumed in the afternoon after trading was suspended due to a storm warning in the morning.
In South Korea, the Kospi The KOSDAQ gained 0.92% and the KOSDAQ rose 1.44% after the Bank of Korea raised its benchmark interest rate by 25 basis points.
US stock futures were slightly higher after all three major averages rose during the daily trading session, as investors awaited more clarity on the Federal Reserve’s fight against inflation.
Dow Jones Industrial Average futures rose 75 points, or 0.22%. S&P 500 and Nasdaq 100 futures climbed 0.36% and 0.35%, respectively.
Among currencies, the US dollar rose to 109.11 overnight before falling to around 108.6.
“Expectations of an ambiguous message from FOMC Chair Powell at Jackson Hole will put upward pressure on the USD in the run-up to his speech on Friday,” Christina Clifton, senior economist and currency strategist at Commonwealth Bank of Australia, said in a report.
Hong Kong is due to report July trade data later this afternoon.