Asian stocks rose, following a buoyant session on Wall Street amid bets the Federal Reserve will soon signal it’s ready to start cutting interest rates. The MSCI ACWI Index, which tracks both emerging and developed equities, headed for a ninth day of increases — the longest run of gains since December. Shares advanced in Japan, South Korea and Australia while those in China slipped. The bullish momentum was fueled by an upbeat mood in the US, where the S&P 500 climbed for an eighth straight day. A gauge of Asian currencies touched the highest since January, while oil extended the biggest drop in two weeks as the US said Israel accepted a cease-fire proposal in Gaza. Bets for an imminent Fed easing are propping up equity markets, with investor allocations still robust despite a bout of recent volatility and heightened uncertainty around the economy. The MSCI Asia Pacific Index has gained in all but two sessions since Aug. 6, underscoring expectations that US policymakers are likely to cut interest rates in September. Treasury 10-year yields edged higher while contracts for US equities were little changed. Copper trimmed its recent rebound and gold was in record-setting form, topping $2,500 an ounce on expectations that the Fed is poised to cut interest rates. The yen slipped to hover around 147 per dollar. In Australia, the central bank signaled it will likely need to hold interest rates at their current 12-year high for an “extended period” to ensure that inflation returns to its target band next year. Meanwhile, Chinese banks kept their benchmark lending rates unchanged for August, as profit margins came under pressure and policymakers focused on the health of financial institutions. Stock volume has been trending lower since the trading surge during the early-August selloff with traders reluctant to place big bets ahead of the Fed’s Jackson Hole economic symposium this week. Central bankers gathering for one of the world’s most prominent annual economic forums are set to find themselves more divided than perhaps any time since before the pandemic. Over in Europe, increasing risks to the growth outlook have reinforced the case for a policy adjustment when the European Central Bank meets next month, according to Governing Council member Olli Rehn. Meanwhile on the corporate front, Alimentation Couche-Tard Inc.’s preliminary proposal to buy 7-Eleven owner Seven & i Holdings Co. could be worth more than ¥5.63 trillion ($38.4 billion), based on the Japanese company’s market value after news of the potential deal was disclosed. US After Hours FN +8% and PANW +2.7% up nicely on earnings and buyback news; GPRO -2.3% slips after announcing workforce reduction.
Nikkei +2.09% Hang Seng -0.52% CSI -0.99% Shanghai -1.26% Shenzen -1.58%
Eur$ 1.1077 CNH 7.1442 CNY 7.1462 JPY 147.18 GBP 1.2980 CHF 0.8623 RUB 89.7268 TRY 33.7677 WTI$ 73.75 -0.83% Gold 2,502 -0.09% BTC 61,105 +3.39% ETH 2,684 +2.55%
S&P +0.03% Nasdaq +0.13% EuroStoxx +0.12% FTSE -0.30% Dax SMI -0.11%
Macro :
- Natural Gas Producers Rise as Hotter Weather Lifts Commodity
- Swiss Stocks Are Haven in Market Distress, Historically and Now
- Trump Says He Would Consider Ending $7,500 EV Credits: Reuters
Keep an eye on :
Keep an eye on :
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