Premarket: World shares climb on Fed cut bets, yen weakens

Global stocks ticked higher on renewed bets that the Federal Reserve would likely ease interest rates this year, while the yen weakened after a strong surge last week from Tokyo’s suspected currency intervention.

Oil prices were also in focus on the prospects of Saudi Arabian price hikes and rising tensions in the Middle East, with Brent futures up 80 cents to US$83.76 a barrel and U.S. crude futures 91 cents higher to US$79.02 per barrel. Hong Kong’s Hang Seng Index rose 4.7 per cent last week and on Friday clocked its longest daily winning streak since 2018, closing on Monday 0.55 per cent higher.

“ data point to a jobs market that is still tight, but not nearly as hot as it was a year or two ago,” said economists at Wells Fargo. “This should support a further slowdown in inflation as the year progresses, even if improvement proceeds only gradually.” In Europe, Goldman Sachs raised its 2024 EPS growth forecast for STOXX 600 companies to 6 per cent from 3 per cent earlier, the bank said in a note on Friday.

Source: Financial Digest (financialdigest.net)

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