Asian stocks rose on Tuesday as positive sentiment on Wall Street ahead of an expected Fed rate cut spilled over into regional trading.
Equities in Japan and South Korea rose in morning trading, while Australian equities declined. This followed a surge in bets for a US central bank rate cut, pushing stocks near record highs amid hopes that looser policy would strengthen the American corporate sector.
The S&P 500 rebounded on Monday after a sell-off in the previous session on a weak jobs report. Although upcoming data is projected to...
"After last week's lackluster jobs numbers, it would likely take a big positive surprise from this week's inflation data to derail a Fed rate cut next week," said Chris Larkin at E*Trade of Morgan Stanley.
Fed officials have signaled concerns are shifting from inflation risks posed by tariffs to weakness in the labor market. Steady inflation expectations are an indication that tariffs could be a one-off price shock. Although tariffs take several months to impact the economy,
Ahead of next week's Fed meeting, Thursday's core consumer price index is projected to show a 0.3% increase in August for the second month. Before that, figures from the Bureau of Labor Statistics on Tuesday are likely to reveal another decline in US employment, paving the way for an interest rate cut.
"While the September 5 report showed slowing job growth, it does not appear to signal a recession," according to Invesco's Global Market Strategy Office. "Slower growth, anchored inflation expectations, declining yields, and anticipation of rate cuts point to an optimistic outlook for stocks."
Source: Bloomberg
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