Asia stocks rally on renewed global rate cut optimism

SINGAPORE - Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data.

The figures follow last week's report showing U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0% for the first time in nearly three years. Hotter-than-expected inflation reports last month knocked back any lingering expectations of interest rate cuts in the near term, with markets now fully pricing in a 25-basis-point rate cut only in November though there remains a chance of a cut in September.Traders now anticipate 47 bps of cuts this year from the Fed, drastically lower than the 150 bps they priced in at the start of 2024.

Data from Bank of Japan suggests Tokyo spent nearly $60 billion last week in suspected interventions to pull the yen off its 34-year lows of 106.245 per dollar. However, with the yen nudging its way up to the 155 levels, traders are once again on intervention alert.

Source: News Formal (newsformal.com)

Interest Rate Bank Of England Global Capital Markets Japan

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

10 Fantastic Asian Canadian Books to Read During Asian Heritage MonthIf you’re looking for your next literary obsession, consider one of these Asian Canadian books worth keeping an eye on.
Source: ElleCanada - 🏆 27. / 68 Read more »

Down to Earth: New Ojas restaurant will serve plant-based foodMayor cuts ribbon on South Asian eatery opening Friday in former Muio’s location
Source: SooToday - 🏆 8. / 85 Read more »

Stock market today: Asian shares rise, cheered by last week's tech rally on Wall StreetTOKYO (AP) — Asian shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian shares track Wall Streets rally, led by a 2.4% jump in TokyoHONG KONG (AP) — Asian shares have tracked Wall Street’s rally, led by a 2.4% advance for Tokyo’s benchmark Nikkei 225 index powered by strong gains for...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

S&P/TSX composite up Friday, U.S. stock markets rally after jobs report shows coolingTORONTO — Canada's main stock index rose Friday, led by strength in base metals, utilities and telecom, while U.S. markets rallied after the latest jobs report came in cooler than expected. Markets rose Friday after the latest report on the U.S.
Source: SooToday - 🏆 8. / 85 Read more »

Asia-focused hedge funds thrive in Q1 2024 on Japanese stock rallyAsia-focused hedge funds had a strong first quarter in 2024, benefiting from a prolonged rally in Japanese stocks, a turnaround in Chinese equities, and a boom in AI stocks.
Source: SaltWire Network - 🏆 45. / 63 Read more »