Yen at Seven-Month High as Asian Stocks Point Lower — SkimNews
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- Asian equities were set to edge lower at the open after Middle East tensions pushed oil prices higher, amplifying inflation worries among investors already wary of further monetary tightening
- The yen held gains near its highest level since February against a wilting dollar, with traders eyeing the upcoming US CPI release
- Equity-index futures for Japan, Australia and Hong Kong all pointed to opening declines, while South Korea futures signaled gains
- South Korea's outperformance tracked advances in Nasdaq 100 contracts, making tech-sector sentiment the swing factor for the region
- S&P 500 futures dropped after fluctuating in the prior session, when US cash markets were closed for the Labor Day public holiday
Why it matters: With US markets shuttered for Labor Day, Asia is the first to price the Middle East oil shock and fresh inflation fears. The yen's seven-month high shows the dollar can't catch a bid even before CPI lands, and South Korea's tech-driven divergence from the rest of the region — Japan, Australia and Hong Kong all pointing lower — means Nasdaq overnight moves now dictate Asia's winners and losers.
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