The concern about the economic slowdown in China remains in focus.The Jackson Hole Symposium will be a closely watched event for traders.after major chipmaker Nvidia Corp reported stronger-than-expected quarterly profits. However, the fear of China’s economic woes and the possibility of higher interest rates in the US remain in focus.
Investors are concerned about the economic slowdown in China and the spillover effect on other countries. On Tuesday, China's President Xi Jinping told the BRICS group that the Chinese economy was resilient and that the fundamentals for the long term were intact. Japanese equities gain traction, supported by tech stocks. About the data, the first reading from Japan's manufacturingfor August increased to 49.7 from 49.6. The result was lower than the 49.5 expected. While Service PMI rose from 53.8 to 54.3 over the same period. Nevertheless, the downbeat first reading of S&P PMI data from the US, UK, and Eurozone fuels recession fears and increases demand for the Japanese Yen, a traditional safe-haven asset.
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