Reported 5 months ago
Asian stocks declined as investors anticipate a delay in the Federal Reserve's rate cuts, following upbeat activity data. Stocks in Australia and Japan fell, while Hong Kong futures indicated losses of over 1%. The Golden Dragon Index of US-listed Chinese shares dropped by 3.7%, the most in six weeks. Swaps now fully price the Fed's first quarter-point rate cut in December, and Asian currencies like South Korea's won and Malaysia's ringgit weakened against a stronger dollar. In Japan, inflation eased for a second month, with markets almost fully pricing a 10 basis point hike at the July meeting. The yen traded around 157 per dollar, with expectations the Bank of Japan may raise interest rates around October. Atlanta Fed President Raphael Bostic reiterated the need for patience on the Fed's next move, emphasizing upward pressure on prices. Treasury yields stabilized, and the US dollar index remained unchanged in Asian trading. Oil prices steadied, while gold prices held losses.
Source: YAHOO