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6/26, 8:01 AM (Source: TeleTrader)
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Asian markets mostly lower, Fed, trade in focus

Asian markets traded mostly in the red on Wednesday as hopes of a rate cut from the Federal Reserve dwindled. St. Louis Fed President James Bullard said that 50-basis-point cut in July would be "overdoing it," while Fed Chairman Jerome Powell insisted the central bank is "insulated from short-term political pressures." US President Donald Trump has been urging policymakers to cut rates for months now, claiming recently the Fed "blew" its chance to significantly boost the economy.

Meanwhile, investors looked towards the G20 summit in Osaka this weekend as Trump is set to meet with his Chinese counterpart Xi Jinping amid the ongoing trade conflict between the two countries.

The Nikkei 225 was down 0.68% at 7:33 am CET, while the South Korean Kospi Composite declined 0.13% at the same time.

In China, the Shanghai Composite fell 0.22% at 7:52 am CET, while the Shenzhen Composite advanced 0.09% at 7:54 am CET. Hong Kong's Hang Seng gained 0.08% at the same time.

Australia's S&P/ASX 200 lost 0.20% at 7:55 am CET.

The dollar traded 0.24% higher against the yen, to go for ¥17844 at 7:55 am CET.

Breaking the News / JC