Asian stocks drop ahead of Yellen’s speech
On Tuesday, in Asia most stock markets dropped as traders weighed ahead of a long-awaited speech from the Fed’s chief, Janet Yellen.
Australian S&P/ASX 200 lost 0.8%, Japanese Nikkei Stock Average sagged 0.2%,Korean Kospi surged 0.2%. Additionally, the Shanghai Composite Index in China dropped 0.1%, though the Hang Seng Index remained almost intact.
Market participants were cautious before Janet Yellen intended to deliver her speech on American monetary policy in New York on Tuesday. Her comments could provide hints to when the US major bank actually expects to increase interest rates. The given move is expected to take place in June or April.
A great number of money managers are supposed to adjust their portfolios right before the first quarter ends on Tuesday. Meanwhile, huge Asian stock markets, including such monsters as Hong Kong, China and Japan keep dipping for three months, including March. As for smaller markets, including Indonesia, Thailand and the Philippines, they seem to set for further gains in the next quarter.