Wall Street’s stock rally carried into Asia as a further decline in oil prices bolstered optimism that inflation will be contained. The yen weakened after the Bank of Japan raised interest rates in a split vote. MSCI’s Asian equities gauge rose 0.8% after the S&P 500 Index and Nasdaq 100 Index posted their best day since early August. Samsung Electronics Co., SK Hynix Inc. and other regional chipmakers rallied following a bullish outlook from Nvidia Corp. US equity-index futures pointed to further gains on Wall Street, while European shares were set for a slightly weaker open. Meanwhile, the yen fell to about 157.10 per dollar after the BOJ raised its policy rate by a quarter point to 1.25% Friday. While the move was predicted by all economists surveyed by Bloomberg, the decision came with two board members dissenting. The Nikkei 225 Stock Average climbed 1.7%. Adding to the positive tone, Brent crude dropped 1.3% to about $103.50 a barrel, declining for a third day as supply concerns eased and traders turned their attention to the next round of diplomacy over the US-Iran war. Lower energy prices could reduce pressure on consumer prices and give central banks more room to assess the impact of tighter monetary policy, offering support to both stocks and bonds. But the durability of that reprieve may depend on whether oil continues to retreat, with the US-Iran war and prospects for further diplomacy keeping the outlook for energy supplies uncertain. Focus in Asia was on the yen after the BOJ followed the Fed in hiking rates. The Fed’s hawkish hike earlier this week pushed the yen weaker after a sharp rally earlier this month, fueled by expectations of faster BOJ tightening, an unwind of yen-funded carry trades and speculation that Japanese pension funds could shift more money to domestic assets. Strategists say dollar-yen could climb toward 160 if investors conclude the BOJ’s tightening path will struggle to keep pace with the Fed’s. The risk is particularly acute if Friday’s decision or subsequent communication is interpreted as dovish, given that a quarter-point increase had already been largely priced into markets. In other corners of the market, Treasuries largely held their gains from the New York session, when oil’s retreat pushed the 10-year yield lower by nine basis points to 4.93%. The yield stood around that level in Asian trading Friday, having touched as high as 5.02% after the Fed move. Government bonds of similar tenor in Australia and New Zealand rose, tracking Treasuries. Gold extended its gains to about $4,360 an ounce, after gaining almost 2% on Thursday to erase much of the loss from the previous three sessions.
The yuan climbed to its highest level against the dollar in more than four years, extending an advance underpinned by broad Chinese export strength and support from the central bank. Markets on Friday also face an additional test in the form of the so-called ‘triple witching’ — in which derivatives contracts tied to stocks, index options and futures mature. More than $2 trillion in notional value of options expires today, and historical data suggests the S&P 500 has a higher-than-average probability of closing lower on triple-witching days, wrote Dilin Wu, a strategist at Pepperstone Group Ltd.
Nikkei +1.64% Hang Seng +0.88% CSI +1.11% Kospi +2.47% Shanghai +0.94% Shenzen +1.50%
Eur$ 1.1484 CNH 6.6942 CNY 6.6969 JPY 157.26 GBP 1.3366 CHF 0.8237 RUB 84.5501 TRY 48.7837 WTI$ 101.03 -0.90% Gold 4,367.85 BTC 77,411 +1.22% ETH 2,483 +1.28%
S&P +0.27% Nasdaq +0.35% EuroStoxx -0.21% FTSE -0.12% Dax -0.30% SMI -0.28%
Macro :
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Keep an eye on :
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