Asia’s stock benchmark erased its earlier advance as Japanese equities fell before Friday’s central bank interest-rate decision. The dollar strengthened against most of its major peers. The Topix dropped for a third day on concern the Bank of Japan may cut back on bond purchases at its two-day policy meeting. Stocks gained in Australia, Hong Kong and South Korea, following a rally in their US peers Wednesday when cooling inflation more than offset a somewhat hawkish Federal Reserve policy decision. US stocks and Treasuries had rallied after a report showed the core consumer price index fell to the lowest in more than three years. Later, the Federal Reserve penciled in just one quarter point interest-rate cut this year, down from three seen in March, while upping its outlook for 2025 to four cuts. South Korea’s stock benchmark rose as much as 1.8%, heading for its highest close since February 2022. The government said it will consider changes to its short-selling rules Thursday as part of ongoing discussions on when to lift the ban on the trading strategy. Chinese electric-vehicle maker stocks mostly gained as analysts said the European Union’s preliminary announcement of tariff increases was in line with the market’s expectations. The BOJ is forecast to keep rates on hold Friday, but is widely seen to consider reducing bond purchases. Japanese investors sold the largest amount of foreign debt in nine years last week amid a shift in global central bank policy. The change in the Fed rate outlook showed up most in Treasuries and the dollar. Bloomberg’s dollar index rose less than 0.1% Thursday after falling 0.2% in the previous session. Individual Fed officials’ views on the best path forward for borrowing costs differed. The Fed’s “dot plot” showed four policymakers saw no cuts this year, while seven anticipated just one reduction and eight expected two cuts. Powell said the officials welcomed the latest inflation figures, adding that he hopes for more reports like that. He said Wednesday’s figures had helped build their confidence on the trajectory of inflation but not enough to warrant rate cuts at this time. In commodities, oil edged lower after a three-day advance as investors weighed an unexpected build in US crude stockpiles and the higher-for-longer Fed rate outlook. Elsewhere, gold slipped. US After Hours After Hours Summary: AVGO jumps +12.1% on earnings and 10-for-1 stock split; PLAY -8.7%, OXM -2.7% lower on earnings; JILL -16% falls on stock offering.
Nikkei -0.04% Hang Seng +0.54% CSI -0.43% Shanghai -0.30% Shenzen -0.30%
Eur$ 1.0806 CNH 7.2647 CNY 7.2509 JPY 157.01 GBP 1.2784 CHF 0.8950 RUB 89.0216 TRY 32.3036 WTI$ 78.26 -0.31% Gold 2,313 -0.51% BTC 67,654 -0.64% ETH 3,512 -1.19%
S&P +0.24% Nasdaq +0.71% EuroStoxx -0.14% FTSE -0.32% Dax -0.22% SMI
Macro :
- German Lawmakers Approve Purchase of Two More Combat Ships
- Fed Signals One Rate Cut This Year, But Keeps Door Open to Two
- Macron Says He Won’t Quit If His Party Loses French Election
- How G-7 Nations Hope to Counter Russia and China’s Axis of Resistance
- The First Casino Near Dubai Sparks a Region's Newest Gold Rush
Keep an eye on :
Keep an eye on :
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