International Finance: Asia stocks climb as traders bet on Fed slowdown: markets wrap

Australian stocks gained as much as 1.1%, Korean shares rose 2.1% and US equity futures edged higher after the S&P 500 jumped more than 2% on Friday to salvage the first weekly advance in the past five. Stocks in Hong Kong and Shanghai gained 1.7% and 0.6% respectively after a People’s Bank of China official suggested growth will rebound sharply. Japanese markets are closed for a public holiday.

The dollar extended Friday’s drop after the Institute for Supply Management’s index of services fell by the most since April 2020 to contractionary territory and cooler wage growth fueled expectations the Fed will slow its pace of rate hikes. The South Korean won jumped above 1,250 per dollar for the first time in six months.

The December inflation report due on Thursday will be front of mind for traders after the jobs data failed to offer a clear picture of the state of the American labour market, with unemployment at its lowest level in decades, while wage gains were weak.

While pressure on the Fed to hike by 50 basis points on Feb. 1 has eased, “policy makers appear to be increasingly frustrated by market-pricing at odds with Fed signalling in terms of both the terminal funds rate and timing of initial rate cut”, BNP Paribas economists led by Carl Riccadonna wrote in a note to clients. “This could tilt their bias toward a more forceful response at the next meeting.

Investors will also be keeping a close eye on Brazilian assets after thousands of supporters of former president Jair Bolsonaro stormed the country’s top government institutions in an insurrection that will test the leadership of President Luiz Inacio Lula da Silva just a week after he took office.Kospi Index surged 2%Nikkei 225 futures added 0.9% on Friday. Cash markets are closed for a public holidayThe Japanese yen gained 0.2% to 131.78 yen per dollar on MondayBitcoin rose 1.4% to $17,189.

South Africa Latest News, South Africa Headlines

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

Nigeria: Attack - Federal Govt Closes Edo Train StationThe Nigeria Railway Corporation (NRC) has announced the closure of the train station in Edo State till further notice following the attack and abduction of train passengers waiting to board a train over the weekend. LeadershipNGA This attack is a result of failure of intel. What happened in Kaduna shld have prepared both info_NRC and GovNigeria to take preventive measures against such dastardly attack! I hope Abeokuta and Ibadan stations are well guarded. Sad.
Source: allafrica - 🏆 1. / 99 Read more »

KwaZulu-Natal cops bust suspect for 'illegal possession of explosives'Vryheid, KwaZulu-Natal, police arrested a 26-year-old man on Friday for 'illegally possessing explosives'. ...nationality They must find out where he got them.
Source: TimesLIVE - 🏆 28. / 59 Read more »

KwaZulu-Natal cops bust suspect for 'illegal possession of explosives'KwaZulu-Natal cops bust suspect for 'illegal possession of explosives': Vryheid, KwaZulu-Natal, police arrested a 26-year-old man on Friday for 'illegally possessing explosives'.
Source: SABreakingNews - 🏆 41. / 51 Read more »

KwaZulu-Natal cops bust suspect for 'illegal possession of explosives'Vryheid, KwaZulu-Natal, police arrested a 26-year-old man on Friday for 'illegally possessing explosives'.
Source: SowetanLIVE - 🏆 13. / 63 Read more »

TAKE A LOOK | What it’s like to visit Tswalu, SA’s biggest and most exclusive private reserve | Business InsiderThe Oppenheimers bought the land in 1999, and have set about returning it to its former Kalahari glory by making it one of South Africa's most exclusive private game reserves. BISouthAfrica When it comes to expropiation of land it must start with the billionare Oppenheimers and the Ramaphosas and those 'luxury game farms' where USD get stashed hidden from SARS or the Reserve bank. BISouthAfrica Bought from whom? Was the a for sale board? BISouthAfrica Real criminals the real cancer of south Africa is those greedy dirty families
Source: BISouthAfrica - 🏆 34. / 51 Read more »

Tunisian president sacks trade minister amid economic crisisThe Tunisian president dismissed on Friday the Trade Minister Fadhila Rabhi, the presidency said amid an economic crisis and record inflation in the North Africa country.
Source: ReutersAfrica - 🏆 31. / 53 Read more »