Such talk from a high ranking Fed official could be construed by many as a signaling a delay between what others believed would be the next rate hike. The Fed raised rates 25 basis points in December and at the time projected three or four more later this year. For Fed tea leave readers that now looks less and less likely, some say.
Mesnwhile, Chinese factories lost jobs at the fastest rate in February in seven years as the PMI forFebruary clocked in at 48.0, lower than expected and lower than last month's 48.4. Concerns mounted after the report helping to push regional shares lower. Faith in the government's ability to cut industrial overcapacity without increasing unemployment continues to dwindle among many investors. Complicating matters is the pick up in yen strength as it gained back much of its earlier loss on Monday. The Shanghai Composite Index was down in early trading before turning slightly positive later in the trading session.
In other markets, the WSJ reported: Markets elsewhere in Asia were mixed. Japan’s Nikkei Stock Average was last down 0.8% after Japanese corporate profits booked their first drop in four years last October to December. An unofficial gauge also showed Japan manufacturing growth slowed to the worst pace in eight months.
Meanwhile, Hong Kong’s Hang Seng Index was up 0.6%. In Australia, the S&P/ASX 200 was slightly up ahead of an interest-rate decision from the Reserve Bank of Australia, which was expected to hold rates at 2%. Korean markets were closed for Independence Movement Day.
Brent crude oil prices were last down 0.6% at $36.37 per barrel.
