Asia Stocks to Follow US Rally on Rates Optimism: Markets Wrap

-- Asian stocks were poised to gain on Tuesday, following a strong lead from Wall Street where optimism the Federal Reserve will start cutting interest rates this year helped push shares to their best three-day rally since November.Futures showed Japan’s benchmark Nikkei 225 could surge almost 2% on reopening after being closed since end-Thursday. Australian shares should also gain, while Hong Kong looked steady.

The CSI 300 Index rose 1.5% in the previous session to the highest since October, with consumer and health-care sectors leading the gains. The onshore yuan advanced as much as 0.6%. Fed Bank of Richmond President Thomas Barkin said he expects high rates to slow the economy further and cool inflation to the 2% target. His New York counterpart John Williams said eventually there will be rate cuts — but the decision on when will depend on the totality of the data.

Adam Turnquist at LPL Financial remarked that stock-market breadth remains robust and momentum is also improving. The US Securities and Exchange Commission warned Robinhood Markets Inc. that it faces an enforcement action over its crypto business — the latest sign that the regulator isn’t letting up on its years-long crackdown on digital assets.

Source: News Formal (newsformal.com)

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