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Asian stocks higher as investors brace for US inflation data

January 9, 2024
in Business
Asian stocks higher as investors brace for US inflation data
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Asian stocks higher as investors brace for US inflation data
© Reuters. A man works at the Tokyo Stock Exchange after market opens in Tokyo, Japan October 2, 2020. REUTERS/Kim Kyung-Hoon/File Photo

By Scott Murdoch

SYDNEY (Reuters) – Asian stocks advanced on Tuesday after a tech-led rally on Wall Street as investors look to the next set of U.S inflation numbers due this week, which could provide further clarity on when the Federal Reserve might start cutting interest rates.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.2%, after U.S. stocks ended the previous session with gains.

Trading in Europe was also set for a positive turn, with the pan-region up 0.29%, German 0.27% higher and up 0.34%.

U.S. stock futures, the , were down slightly 0.1%.

Australian shares were up 0.95%, while stock index was trading 1.14% higher.

In Australia, the S&P/ASX200 bounced higher after November retail sales posted the biggest monthly gain in two years and comfortably topped a Reuters poll estimate.

Hong Kong’s was up 0.26% while China’s bluechip CSI300 Index gained 0.21% after earlier trading in negative territory.

The positive sentiment across the region’s equities markets comes ahead of December’s U.S Consumer Price Index (CPI) reading due to be published on Thursday.

It is expected to show headline inflation rose 0.2% in the month and by 3.2% on an annual basis.,

Overnight, the New York Fed’s latest Survey of Consumer Expectations showed that U.S. consumers’ projection of inflation over the short run fell to the lowest level in nearly three years in December.

That reinforced bets for Fed cuts to begin soon, though some analysts say the market pricing of monetary easing is overdone.

“The market is now looking for five U.S. rate cuts in 2024, which we think is too aggressive. We’re looking to three, not five,” said Marcella Chow, JPMorgan Asset Management’s global market strategist in Hong Kong.

“Inflation has not returned to the target just yet and the Fed should not be in too much of a rush to cut. CPI can be quite sticky and stubborn, we expect them to start cutting rates from June.”

China is due to publish December CPI figures on Friday which analysts expect will show further deflation amid persistent weakness in the economy.

China’s stock market was among the worst performers globally in 2023, with the CSI300 index closing the year with 11% losses, against a 20% gain for global stocks.

“Investors’ conviction and confidence is driving the Chinese market now because on the fundamentals side in terms of earnings and revenue performance it’s okay,” said Zhikai Chen, BNP Paribas (OTC:) Asset Management’s head of Asian equities.

“But investors are just not willing to buy China or China linked companies even though the valuations have gone down so much.”

Chen said foreign investors were likely to remain out of the Chinese equities markets until there were clearer signs of stimulus to support domestic consumption and the country’s troubled property sector.

The dollar on Tuesday dropped 0.43% against the yen to 143.6 . It is still some distance from last week’s high of 145.98.

The yen was earlier little changed after Tokyo core inflation data slowed for the second month in December, new data showed on Tuesday.

The result is expected to take some pressure that might encourage the Bank of Japan to quickly exit ultra-loose monetary policy.

The European single currency was up 0.1% on the day at $1.0954, having lost 0.74% in a month, while the , which tracks the greenback against a basket of currencies of other major trading partners, was down at 102.19.

The rose 0.58% on Monday, the gained 1.41%, and the Nasdaq climbed 2.2% following a strong surge in U.S tech stocks.

In Asian trading, the yield on benchmark rose to 4.0114% compared with its U.S. close of 4.002% on Monday.

The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.3704% compared with a U.S. close of 4.345%.

ticked up 0.1% to $70.84 a barrel. rose to $76.32 per barrel.

Gold was slightly higher. was traded at $2032.6823 per ounce. [GOL/]

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Investing.com – https://www.investing.com/news/economy/asian-markets-gain-as-global-investors-await-us-inflation-data-3269918

Tags: Asianbusinessstocks
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