An Asian stock gauge and US equity futures rose Friday as investors assessed whether signs of cooling inflation will enable the Federal Reserve to pivot to less pugnacious interest-rate increases. MSCI Inc.’s Asia-Pacific equity index rose more than 0.5%, propped up by a catch-up rally in Japan following a holiday there. S&P 500 and Nasdaq 100 contracts advanced, while European futures were steady. The 30-year maturity led a dip in Treasury yields. A dollar gaugeslipped, gold pushed higher and Bitcoin oscillated around the $24,000 level. In the latest US central banker comments, San Francisco Fed President Mary Daly said inflation is too high, adding she anticipates more restrictive monetary policy in 2023. She said her baseline is a half-point September hike but that she’s open to another 75 basis-point move if necessary. Stocks this week have cheered the possibility that ebbing price pressures will take the pressure off the Fed to keep hiking rates sharply, making a soft economic landing more likely. Global shares are set for the longest streak of weekly gains since 2021, paring their retreat this year to about 14%. The bond market is more skeptical -- an ongoing Treasury yield curve inversion hints at concerns that only a recession can curb the cost of living. Swaps referencing the Fed’s September meeting point to some uncertainty over whether a half-point or another 75 basis-point rate hike is on the cards. Raw-material prices are adding to the complexity. Oil headed for a weekly gain that’s contributed to a more than 10% rebound in a commodity index from a July low -- a trend that could darken the inflation picture if it continues. US After Hours TOST +11.1% higher on earnings; OLO -29%, LAW -22.3%, ILMN -15.2%, EXFY -14.5% lower on earnings
Nikkei +2.52% Hang Seng +00.36% CSI -0.06% Shanghai -0.11% Shenzen -0.26%
Eur$ 1.0321 CNH 6.7358 CNY 6.7371 JPY 133.25 GBP 1.2194 CHF 0.9418 RUB 60.8987 TRY 17.9625 WTI$ 93.95 -0.40% Gold 1,7912.21 +0.08% BTC 23,935 -1.16% ETH 1,890.05 -0.65%
S&P +0.25% Nasdaq +0.35% EuroStoxx -0.03% FTSE +0.06% Dax +0.00% SMI -0.20%
Macro :
- China’s SMIC Warns of ‘Rapid Freeze’ as Smartphone Demand Skids
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