Stocks advanced in Asia and the dollar weakened on mounting speculation the Federal Reserve is nearing the end of its tightening cycle. Japan’s Nikkei 225 Stock Average touched a fresh 33-year high. A gauge of regional equities headed for its highest close in two months after dovish comments from Federal Reserve officials last week bolstered bets the central bank is done with interest-rate hikes. The dollar slipped against all its Group-of-10 peers while an index of emerging-market currencies climbed to the highest since February. Traders are currently pricing in around 30% probability of the first Fed rate cut in March after Fed Vice Chair for Supervision Michael Barr said Friday officials are likely at or near the end of their tightening campaign. Still, San Francisco Fed President Mary Daly said policymakers aren’t certain inflation is on a path to their 2% target. Treasuries edged lower before a 20-year bond auction that will help gauge whether investors are confident 2023’s selloff is over once and for all. The Treasury market is poised to post its first monthly returns in November, ending a six-month losing streak. Australian and New Zealand bonds also retreated. Investors should expect continued downward pressure on Treasury yields and the dollar as dovish Fed narrative remains in place, according to Win Thin, global head of currency strategy at Brown Brothers Harriman & Co. The Nikkei 225 Stock Average briefly surpassed its June intraday peak to reach the highest level since 1990, extending its gains this year to more than 28%. The index has been boosted by an extended period of yen weakness, solid company earnings, and corporate governance reforms championed by the Tokyo Stock Exchange.
The offshore yuan strengthened after the People’s Bank of China boosted its daily reference rate for the currency to the strongest level since August. The nation’s commercial lenders on Monday kept their benchmark lending rates unchanged, in line with the central bank’s decision this month to maintain policy rates in favor of other means to support stimulus spending. US equity futures ticked marginally lower in Asia after the S&P 500 rose above 4,500 on Friday to cap its third straight weekly gains. In Argentina, libertarian candidate Javier Milei defeated Economy Minister Sergio Massa to win Sunday’s presidential runoff. There was no immediate reaction in the markets due to a holiday. Oil rose as investors looked ahead to an OPEC+ meeting on supply that will shape market balances into 2024. Investors are also watching for any impact from the tensions at OpenAI. OpenAI’s interim Chief Executive Officer Mira Murati plans to re-hire her ousted predecessor Sam Altman and former President Greg Brockman in a capacity that has yet to be finalized, according to a report.
Nikkei -0,36% Hang Seng +1,77% CSI +0,30% Shanghai +0,45% Shenzen +0,58%
Eur$ 1,0927 CNH CNY JPY GBP CHF RUB TRY WTI$ Gold BTC ETH
S&P -0,10% Nasdaq -0,30% EuroStoxx +0,05% FTSE +0,01% Dax +0,02% SMI -0,05%
Macro :
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Keep an eye on :
Keep an eye on :
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- CLNX SM : Cellnex Plans Sale of Ireland, Austria Units: El Pais
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- EPIA SS : Mine-OEM Outlook Shines on Declining Ore Grades, Electrification
- FOXT LN : Investor Milkwood Capital Urges Foxtons to Sell Itself: Times
- G IM : Generali executive warns on private equity funds in insurance
- HFD LN : Redde Northgate Approached Halfords For £1.4b Merger: Telegraph
- META US : Meta Breaks Up Its Responsible AI Team
- MSFT US : Altman Leaving OpenAI After Board Says It Lost Confidence in Him
- RIO LN : Charger Signs Farm-In Pact With Rio Tinto for Lithium Project
- SHEL LN : Nigeria Withdraws Legal Claim Against Shell Over Oil Field Deal
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