man is reflected on the electronic board of a
securities firm in Tokyo, Monday, Aug. 31, 2015.
Asian stocks fell Monday after a U.S. Federal
Reserve official suggested a September interest rate
hike still was possible and Japanese factory
— Global stocks were mostly lower Monday after a U.S.
Federal Reserve official suggested a September interest
rate hike still was possible and weak Japanese factory
activity provided more evidence of a sluggish global
SCORE: In early trading, France's CAC-40 fell 1.2 percent
to 4,619.91 and Germany's DAX lost 1.3 percent to
10,164.90. Wall Street looked set for losses at the open.
Futures for the Dow Jones industrial average and Standard
& Poor's 500 were both off 1 percent. On Friday, the
Dow lost 0.1 percent and the S&P rose 0.1 percent
while the Nasdaq composite gained 0.3 percent.
PLANS: The Fed vice chairman, Stanley Fisher said there
was a "pretty strong case" for raising rates in
September. That ran counter to recent market sentiment
that China's economic slowdown and global market
volatility might prompt the Fed to wait. Speaking at the
U.S. central bank's annual gathering in Jackson Hole,
Wyoming, Fisher emphasized he was not saying what action
the Fed might take at its September meeting but analysts
took his comments to mean he saw the economy moving close
to satisfying the Fed's conditions for a hike. It would be
the Fed's first reverse from its policy in place since the
2008 crisis of ultra-low rates that have pushed up stock
TAKE: "The Fed is still at the drawing board with
regards to the specifics of the timing of a rate hike this
year. But to be sure conviction for a hike this year was
not watered down," said Mizuho Bank in a report.
"What's more, a rate hike sooner rather than later is
preferred on forward-looking inflation."
DAY: The Shanghai Composite Index was down by as much as
2.6 percent during the day but recovered to close down 0.8
percent at 3,205.99. The index is down more than 30
percent over the past three months despite government
efforts to halt a tumble in prices. Hong Kong's Hang Seng
also spent most of the day in negative territory before
closing up 0.3 percent at 21,670.58. Tokyo's Nikkei 225
lost 1.3 percent to 18,890.48 and Sydney's S&P ASX 200
lost 1.1 percent to 5,207.00. India's Sensex shed 0.3
percent to 26,316.54 and Seoul's Kospi advanced 0.2
percent to 1,941.49. Taiwan, Bangkok and Jakarta rose
while Singapore and New Zealand fell.
WEAKNESS: Industrial production declined unexpectedly by
0.6 percent in July from the previous month, defying
forecasts of a small increase following June's 1.1 percent
rise. "The drop in industrial production in July
suggests that economic activity will recover only slowly
this quarter," said analyst Marcel Thieliant of
Capital Economics in a report.
Benchmark U.S. crude declined 77 cents to $44.45 per
barrel in electronic trading on the New York Mercantile
Exchange. The contract soared $2.66 the previous session
to close at $45.22. Brent crude, used to price
international oils, fell $1.06 to $48.99 per barrel in
London after jumping $1.49 the previous day to $50.05.
The dollar declined to 121.17 yen from 121.38 yen on
Friday. The euro rose to $1.1215 from $1.1180.