The yen fell and Japanese stocks advanced after Prime Minister Shigeru Ishiba said he intends to step down. Asian stocks rose as traders boosted bets on Federal Reserve interest-rate cuts. Japan’s currency slid 0.5% against the dollar on concern the political instability will reduce the prospect of the Bank of Japan raising rates. Japanese stocks rallied thanks to the positive tailwind from the weaker yen and a potential increase in government stimulus. Ishiba’s plan to resign — announced on the weekend — followed election setbacks in which his Liberal Democratic Party lost its majorities in both houses of parliament. His exit heightens investor uncertainty in the weeks ahead until a new leader emerges. The Nikkei 225 Stock Average gained 1.2%, while the broader Topix advanced 0.9%. The MSCI Asia Pacific Index of regional equities rose 0.3%. Investor sentiment across Asia was bolstered after Friday’s US jobs report boosted expectations that the Fed will cut rates at each of its remaining three meetings this year. US equity futures ticked higher after the S&P 500 Index had dropped 0.3% on Friday. Tech shares were among the best performers in Asia, with Alibaba Group Holdings Ltd. and Tencent Holdings Ltd. the biggest contributors to the regional index. Pop Mart International Group slumped as some investors took profit following a more than 200% rally this year after the stock was included into key Hong Kong indexes. Bonds from Australia to Indonesia rose after Friday’s rally in Treasuries. Still, US debt retraced some of Friday’s gains in Asian trading, with the yield on two-year notes climbing two basis points to 3.53%. The Bloomberg Dollar Spot Index rose 0.1%. The dollar may retest its year-to-date lows, Commonwealth Bank of Australia strategists including Joseph Capurso wrote in a note to clients. “Given the focus on the labor market in FOMC chair Powell’s recent speech, market participants may increase pricing of a 50 basis-point cut to the Funds rate next week.” Meantime, European stock futures edged higher, while French government bond futures were little changed ahead of Monday’s confidence vote in Parliament, when François Bayrou is likely to lose his premiership. In commodities, oil gained after OPEC+ agreed on Sunday to raise production at a modest rate next month. Crude futures had slumped last week on signs the output boost was coming. Gold traded near Friday’s record high.
Nikkei +1.45% Hang Seng +0.44% CSI +0.01% Shanghai +0.15% Shenzen +0.50%
Eur$ 1.1717 CNH 7.1308 CNY 7.1346 JPY 148.14 GBP 1.3500 CHF 0.7973 RUB 91.7876 TRY 41.2631 WTI$ 62.59 +1.16% Gold 3,583,60 -0.08% BTC 110,942 -0.32% ETH 4,299.6 -0.09%
S&P +0.07% Nasdaq +0.21% EuroStoxx +0.34% FTSE +0.21% Dax +0.36% SMI +0.28%
Macro :
- Trump Threatens Trade Actions After EU Fines Google Over Ads
- Japan’s PM Ishiba to Step Down, Paving Way For New Leader
- OPEC+ Speeds Up Return of Next Tier of Halted Oil Production
- S&P Warns of Reinsurer Protections as Catastrophe Risks Escalate
- Macro Hedge Funds Play Index Versus Index Trades: Options Watch
- CEOs Eyeing Tech Deals Record Flock to Key Goldman Confab
- Munich Car Show, Industrial Production Data
- Global LNG Market Faces Looming Glut After Years of Scarcity
Keep an eye on :
Keep an eye on :
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