Asian stocks eked out mild gains in range-bound trade ahead of key inflation data that will provide fresh clues about the Federal Reserve’s policy outlook. Shares advanced in Australia and a gauge of Hong Kong-listed Chinese stocks gained for the third day, taking its advance from a recent low to about 20%. Benchmarks in Japan and mainland China fell with trading in the region muted by holidays in countries including South Korea. US stock futures were little changed. Global equities are struggling to build on their best first quarter performance since 2019, as investors temper bets on Fed rate cuts. US economic data has remained resilient, with officials pushing back against the need for easing. Treasuries were steady after advancing on Tuesday. Ten-year yields fell from their highest levels this year in a sign of short exposure being unwound before Wednesday’s US inflation reading. Dollar was trading mixed against most of its major peers. Weakness in Japanese stocks, a key driver of the rally in Asia this year, came as investors assessed the risk of further interest-rate hikes. The central bank will likely consider raising its inflation forecast at a policy meeting later this month after surprisingly strong results from annual wage negotiations, according to people familiar with the matter. Elsewhere in Asia, New Zealand’s dollar rose against the greenback after the central bank kept its key rate at 5.5% and said a restrictive policy stance remains necessary. In commodities, oil was steady after back-to-back losses following an industry report pointed to a gain in US crude stockpiles, although simmering tensions in the Middle East are expected to cap losses. Meanwhile, gold edged lower after extending its bull run to a fresh record. After struggling throughout most of the session, the S&P 500 rose back above the 5,200 mark, with Tesla Inc. leading gains in megacaps. Nvidia Corp. sank as Intel Corp. unveiled a new version of its artificial-intelligence chip. US small-business optimism dropped to a more than 11-year low in March as sales expectations slumped and inflationary pressures remained a trouble spot, according to the National Federation of Independent Business. Economists are forecasting that US consumer prices rose 0.3% in March on a monthly basis, both overall and excluding food and energy costs. The swaps market is pricing in around 65 basis points of Fed rate cuts by the end of this year — which is less than what the central bank forecast last month. US After Hours PSMT +4.1% higher on earnings; SGH -5.9% and WDFC -2.8% slipping following quarterly results.
Nikkei -0.44% Hang Seng +1.88% CSI -0.95% Shanghai -0.86% Shenzen -2.21%
Eur$ 1.0855 CNH 7.2387 CNY 7.2305 JPY 151.79 GBP 1.2678 CHF 0.9037 RUB 92.9000 TRY 32.2597 WTI$ 85.28 +0.07% Gold 2,358 +0.23% BTC 69,281.50 +0.22% ETH 3,523 +0.29%
S&P +0.04% Nasdaq +0.07% EuroStoxx +0.55% FTSE +0.57% Dax +0.41% SMI +0.23%
Macro :
- Germany’s Lindner Wants More Combustion Engine Options Post-2035
- More Than Seven Million Britons Struggle to Pay Bills, UK Says
- German industry unlikely to fully recover from energy crisis, warns RWE boss
Keep an eye on :
Keep an eye on :
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- MSTR US : MicroStrategy May Convert Bonds After 404% Share Jump: ECM Watch
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- RWE GY : German industry unlikely to fully recover from energy crisis, warns RWE boss
- TSLA US : Why Elon Musk Might Need Mukesh Ambani To Finally Bring Tesla To India
- 2330 TT (TSMC) : TSMC’s Sales Surge Most Since 2022 After Riding AI Chip Boom
- VMEO US : Vimeo Gains After Betaville Report on Takeover Interest
- VOW GY : Germany’s Lindner Wants More Combustion Engine Options Post-2035