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EMERGING MARKETS-Asian stocks, currencies rise as Fed rate cut bets persist

December 20, 2023
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By Poonam Behura

Dec 20 (Reuters) – Emerging Asian stocks rose on Wednesday, while the Malaysian ringgit and South Korean won led modest gains in the region’s currencies, reflecting continued investor confidence in U.S. rate cut prospects next year despite pushback from some policymakers.

Shares in Seoul .KS11 rose about 1.6%, notching their fifth consecutive session of gains. Equities in Bangkok .SETI and Manila .PSI advanced 0.6% and 0.4%, respectively.

In currency markets, Malaysia’s ringgit MYR=rose 0.6% and hit its highest level in over two weeks. South Korea’s won KRW=KFTC also added 0.6%, snapping a three-day losing streak.

“There are higher inflows in the Asian assets and the rally is explained by the ongoing risk-on sentiment as Fed pivot bets are still on and unfettered,” Vishnu Varathan of Mizuho Bank said.

Emerging assets gained ground as investors continued to bet on rate cuts next year after Federal Reserve Chair Jerome Powell’s unexpected dovish stance last week, defying some recent pushback from other Fed officials.

Markets are on the lookout for the U.S core personal consumption expenditure (PCE) index data due on Friday, which will set expectations for Fed monetary stance next year.

Varathan added that potential risks to market confidence include surging oil prices because of an escalation in the Middle Eastern conflict.

“The maritime disruptions in the Red Sea after militant attacks and the war in Gaza could push up freight and oil prices, taking some froth off (the market rally) at some point.”

The surge in oil prices due to the supply disruption poses a fresh risk to inflation and fiscal health of net importing countries like Thailand and India.

Thailand’s baht THB=TH was last down 0.4%, while the Philippine peso PHP=and the Taiwanese dollar TWD=TP added 0.3% and 0.2%, respectively.

Indonesia’s rupiah IDR=was largely unchanged while stocks .JKSE rose 0.6%. Bank Indonesia is set to hold its policy meeting on Thursday, with markets expecting the central bank to keep rates on hold.

Meanwhile, in China, the central bank kept its benchmark lending rates unchanged at the monthly fixing on Wednesday, in-line with market expectations, amid worries of deflation and slower economic growth.

The Chinese yuan CNY=CFXS edged 0.2% lower. Shares in Shanghai .SSEC also lost about 0.4%.

HIGHLIGHTS:

** Japan’s exports fall for first time in three months as China shipments sag

** Philippine rates to stay higher for longer to tame inflation – c.bank chief

** Brazil’s Congress approves government target to eliminate primary deficit in 2024

Asia stock indexes and currencies at 0351 GMT

COUNTRY

FX RIC

FX DAILY %

FX YTD %

INDEX

STOCKS DAILY %

STOCKS YTD %

Japan

JPY=

+0.05

-8.79

.N225

1.74

29.52

China

CNY=CFXS

-0.20

-3.28

.SSEC

-0.40

-5.46

India

INR=IN

+0.03

-0.52

.NSEI

0.00

18.49

Indonesia

IDR=

-0.03

+0.39

.JKSE

0.59

5.54

Malaysia

MYR=

+0.62

-5.38

.KLSE

0.21

-1.79

Philippines

PHP=

+0.32

-0.18

.PSI

0.38

-0.31

S.Korea

KRW=KFTC

+0.60

-2.73

.KS11

1.58

16.67

Singapore

SGD=

+0.04

+0.91

.STI

0.07

-4.08

Taiwan

TWD=TP

+0.24

-1.84

.TWII

0.27

24.66

Thailand

THB=TH

-0.43

-0.99

.SETI

0.63

-15.88

Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

Asian stock markets https://tmsnrt.rs/2zpUAr4

(Reporting by Poonam Behura in Bengaluru)

(([email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Nasdaq – https://www.nasdaq.com/articles/emerging-markets-asian-stocks-currencies-rise-as-fed-rate-cut-bets-persist

Tags: EmergingMARKETS-Asiannews
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