Tokyo (awp/afp) – The Tokyo Stock Exchange started down sharply on Monday, weighed down by Fed Chairman Jerome Powell’s firmness in the face of US inflation on Friday at the Jackson Hole conference (United States).
The flagship Nikkei index fell 2.39% to 27,957.39 points around 00:30 GMT and the broader Topix index lost 1.81% to 1,943.75 points.
Mr Powell dashed market hopes of a Fed rate cut early next year: returning to price stability “will take time” and lead to “a long period of weaker growth”, he warned in particular.
Despite the slight deceleration in inflation in the United States in July, Mr. Powell also reiterated that the Fed was ready for “another exceptionally strong rate hike” at its next meeting on September 21, after already two tightenings. consecutive 75 basis points each time.
These statements had already bent the Western stock markets on Friday, Wall Street in the lead.
On the side of values
PANASONIC: according to the Wall Street Journal citing sources familiar with the matter, Panasonic (-1.77% to 1,107 yen) plans to build an additional electric battery factory for $ 4 billion in the United States, more precisely in Oklahoma (center).
Panasonic has already announced in July a similar factory project in the neighboring state of Kansas, and it has been operating since 2017 with Tesla the first “Gigafactory” of the American manufacturer of electric vehicles in Nevada (western United States).
On the side of oil and currencies
The oil market was moving in a mini-dip: around 00:15 GMT the barrel of American WTI was close to balance (-0.06% to 93.00 dollars) while the barrel of Brent from the North Sea lost 0, 39% to $100.60.
On the foreign exchange market, the yen weakened further against the dollar, at the rate of one dollar for 138.30 yen around 12:30 a.m. GMT against 137.64 yen on Friday at 9:00 p.m. GMT.
The Japanese currency also fell against the euro which was worth 137.43 yen against 137.17 yen at the end of last week.
In addition, the euro traded for 0.9936 dollars against 0.9965 dollars on Friday at 9:00 p.m. GMT.
etb/jnd