Asian stocks climb ahead of key rate decisions
Federal Reserve.
A key stock benchmark for the region climbed, as did shares in Australia and Japan. South Korean equities fell, while futures for Hong Kong stocks pointed to a decline. The moves came after a positive session on Wall Street, where the Nasdaq 100 gained more than 1% to reach another record high.
All eyes will be on a multitude of central bank policy decisions slated for this week, including the US and Japan. Sentiment in the US is relatively positive, with a widely expected quarter-point rate cut from the Fed on Wednesday seen as adding fresh support and extending gains in stocks. That stands in contrast to losses in Asia on Monday after a soft data print in China. The 10-year Treasury yield was flat at 4.40%.
“Near-term momentum may depend on what Fed Chair Powell says after the announcement, and whether retail sales or the PCE Price Index catch the market off guard,” said Chris Larkin, manging director, trading and investing, at E*Trade from Morgan Stanley.
The yen steadied after six days of losses, as traders awaited this week’s Bank of Japan policy decision. Traders are pricing in a less than 20% chance of a rate hike in December, according to swaps market pricing. The currency weakened beyond the 154 level versus the dollar overnight.
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