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Japanese Stocks Slide on Fed Hike Worries

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Japanese shares began the week lower following hawkish signals from US Federal Reserve Chair Kevin Warsh.

The Nikkei 225 lost 737.1 points, or 1.1%, opening at 65,668.51 on Monday.

The sentiment follows Warsh's remarks at his Jackson Hole address on Friday to restore inflation to its target, increasing bets on a Fed rate hike as early as next month.

At home, industrial production in Japan increased for the fourth straight month, with output rising 0.1% in July from June, according to official government data.

Meanwhile, Japan's retail sales expanded 4.0% year over year in July to 13.880 trillion yen, according to preliminary data from the Ministry of Economy, Trade and Industry.

Elsewhere, oil prices advanced as the U.S. military struck Iranian rocket launchers preparing to deploy mines in the Strait of Hormuz on Sunday. Brent crude rose to $89 per barrel.

What else is happening in Asia?

Asia

CALB Group's H1 Attributable Profit, Revenue Soar

CALB Group (HKG:3931) reported 935.1 million yuan in profit attributable to owners for the first half, compared with 466 million yuan a year ago, a Friday bourse filing showed.EPS moved to 0.5276 yuan from 0.2629 yuan year over year.For the six months ended June 30, revenue was 27.1 billion yuan, versus 16.4 billion yuan previously, the EV battery maker said.The company proposed an interim dividend of 0.60 yuan per 10 ordinary shares for the period.

HKG:3931
Asia

Time Interconnect Technology's H1 Attributable Profit, Revenue Soar

Time Interconnect Technology (HKG:1729) reported HK$827.6 million in profit attributable to owners for the first half, compared with HK$314 million a year ago, a Friday bourse filing showed.EPS moved to HK$0.3808 from HK$0.1555 year over year.For the six months ended June 30, revenue was HK$10.1 billion, versus HK$4.85 billion previously, the electrical components maker said.The company declared an interim dividend of HK$0.06 per ordinary share for the period, payable to shareholders of record as of Sept. 16.

HKG:1729
Asia

MCC Posts Lower H1 Attributable Profit, Operating Income

Metallurgical Corp. of China (SHA:601618, HKG:1618), or MCC, reported 2.33 billion yuan in profit attributable to shareholders for the first half, compared with 3.1 billion yuan a year ago, a Friday bourse filing showed.EPS moved to 0.05 yuan from 0.09 yuan year over year.For the six months ended June 30, operating income was 175.9 billion yuan, versus 237.5 billion yuan previously, the engineering construction company said.

HKG:1618SHA:601618