Asian markets are set for an explosive open on Wednesday after a below-consensus reading of headline U.S. inflation lit the touchpaper for a rally across all risky assets on Tuesday, although investors will be mindful of the steep rise in U.S. bond yields.
The rush into riskier assets was also supported by China's de factor policy easing as the central bank cut reserve repo rates for the first time in 10 months. This could be a precursor to lower benchmark interest rates in the coming weeks - yuan traders certainly seem to think so. India's annual WPI inflation could be especially important. Economists expect a fall of 2.35 per cent in May, pointing to the strongest deflationary pressures in three years. With the year-on-year global oil price still down around 40 per cent, it could be even lower.Traders are putting a 95 per cent probability on the Fed standing pat on Wednesday, a consensus so strong the Fed will almost certainly respect.
The NYSE FANG+ index of mega tech stocks rose 0.9 per cent for a fourth consecutive daily rise, bringing its year-to-date gains to 72 per cent. The index has posted only four declines in the past 21 trading sessions.
Source: Financial Digest (financialdigest.net)
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