Asia stocks hold recent gains as confidence grows on rate outlook

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Asian shares were flat on Thursday with markets holding onto their gains for the week as confidence grows that interest rates globally will head lower next year, while oil prices fell on the prospects for smaller-than-expected output cuts by OPEC+.

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23 Nov 2023

Investors are also looking to Chinese policymakers for clues on possible support for the long-suffering property market, in line with broader growth targets they are hammering out.

MSCI's broadest index of Asia-Pacific shares outside Japan edged down 0.11% in thin trading, with Japan and the United States on holiday.

The U.S. market, which has priced out the chances of another rate hike in December, shrugged off strong weekly jobs data Wednesday night that may nevertheless reduce the prospects for quicker-than-expected rate cuts by the Federal Reserve, said Redmond Wong, Greater China market strategist at Saxo Markets.

Japanese markets are closed for a national holiday on Thursday, after the Nikkei 225 edged up 0.3% the day before and approached a three-decade high.

Trading worldwide was expected to be