27th February 2014
Shares across Asia have edged lower today (February 27th), with traders expressing caution ahead of new Federal Reserve chair Janet Yellen's testimony before Senate later in the session.
Wall Street stocks closed little-changed after data released yesterday showed US new home sales increased by 9.6 per cent year on year last month, despite expectations for a one per cent drop.
In recent weeks, economic data out of the country has been broadly disappointing, leading to suggestions the Fed may be required to pause the tapering of its quantitative easing programme. The process was first announced in December.
However, minutes from the bank's latest meeting show policymakers intend to continue reducing the stimulus in "measured steps" throughout the course of this year, unless there is a significant economic event that threatens the country's recovery.
Ms Yellen is widely expected to echo these sentiments in her Senate testimony.
As the yen strengthened against the dollar, the Nikkei 225 dropped by 0.32 per cent to 14,923.11 points. In Hong Kong, the Hang Seng rallied 1.8 per cent as sentiment was boosted by gains in the Chinese financial sector.
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