Asian shares fall as slew of rate decisions ahead: Markets wrap
Asian stocks opened lower amid speculation investors are trimming some of their holdings before a rush of events in coming days including major central bank decisions, key economic data and earnings from US megacap companies.
Equities slipped in Japan and Australia in early trading, while futures signaled a decline in Hong Kong. US stock futures edged lower in Asia hours following a rotation in the American shares that drove the Nasdaq 100 to the brink of a correction. The S&P 500 closed little changed and small caps slipped.
Treasuries headed toward a third straight month of gains, the longest run since 2021. The US Treasury cut its estimate for federal borrowing for the quarter and projected its cash buffer to fall toward year-end. Australian bonds dropped in early trading.
“Data is limited today, and what we do see won’t move markets, so this is a day for position/position management and to review broad exposures ahead of US earnings, and then tomorrow’s Australian CPI, BOJ meeting, and German and European CPI,” Chris Weston, head of research at Pepperstone Group Ltd., wrote in a research note.
Results from Microsoft Corp., Meta Platforms Inc., Apple Inc. and Amazon.com Inc. will be crucial after an underwhelming start to the megacap reporting season. Federal Reserve officials are on the verge of lowering rates within months, a move Jerome Powell may signal Wednesday. Major central banks are also set to meet in Japan and the UK, with traders closely watching the Bank of Japan for signs of a hike and the Bank
