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(Bloomberg) — Asian stock markets opened mixed as U.S. benchmarks struggled, while Bitcoin tumbled on turmoil caused by posts on social media platform X.
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Benchmark indexes rose in Japan, with the Nikkei stock average rising further after hitting its highest in more than 30 years. After a long battle against deflation, investors’ optimism is returning. Stock prices in Australia and South Korea fell slightly, and futures in Hong Kong indicated a decline.
Rie Saibara, chief Japanese equity strategist at JPMorgan, said, “Since the beginning of the year, Japanese stocks have been strong on the back of expectations that the yen’s depreciation against the dollar will support corporate profits, while market expectations for an early interest rate cut by the Federal Reserve have receded. “The situation has changed,” he wrote. With notes.
The U.S. stock contract was little changed after commodity and financial stocks dragged down the S&P 500 index on Tuesday. In Asian trading, 10-year US Treasury yields and the dollar were firm. The yen exchange rate, which had been weak since the beginning of the year, remained largely unchanged.
Bitcoin rallied after plunging on the U.S. Securities and Exchange Commission’s statement that it has not yet approved the spot Bitcoin exchange-traded fund. The SEC said a contradictory post made minutes earlier on the regulator’s official X account was false.
Investors will be watching a key inflation report from the US later this week for clues as to when the Federal Reserve will cut interest rates.
HSBC Holdings’ Max Kettner says the growing mismatch between aggressive pricing for U.S. interest rate cuts and resilient economic fundamentals that reduce the need for such easing is causing global markets to There is a risk of creating a “reverse Goldilocks” scenario. He expects the Fed to begin its easing cycle in June, later than market prices in May or March.
Turning to Asia, data on Wednesday showed that wage growth for Japanese workers slowed sharply in November. This is an unwelcome development for the Bank of Japan, which is seeking evidence of a virtuous cycle linking wage and price increases as a precondition for normalizing monetary policy.
China’s inflation, trade and credit data are also among the data that will be awaited in the coming days for a health check on the world’s No. 1 country. 2 Economy.
Elsewhere, oil prices firmed after rising more than 2% on Tuesday on signs that U.S. stockpiles continue to shrink and official forecasts point to narrower global deficits this year. became.
This week’s main events:
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US wholesale inventory Wednesday
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The World Economic Forum’s Global Risks Report will be released on Wednesday.
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New York Fed President John Williams speaks on Wednesday
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US CPI, new unemployment claims, Thursday
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China CPI, PPI, Trade, Friday
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UK industrial production, Friday
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US PPI, Friday
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Some of the largest U.S. banks will release fourth-quarter financial results on Friday.
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Minneapolis Fed President Neel Kashkari speaks on Friday
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ECB Chief Economist Philip Lane speaks on Friday
The main movements in the market are:
stock
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S&P 500 futures were little changed as of 9:04 a.m. Tokyo time. S&P500 fell 0.1%
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Nasdaq 100 futures were little changed.Nasdaq 100 rose 0.2%
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Hang Seng futures fell 0.4%.
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Japan’s TOPIX rose 0.2%
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Australia’s S&P/ASX 200 falls 0.4%
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Euro Stoxx50 futures fall 0.3%
currency
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Bloomberg Dollar Spot Index little changed
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The euro was almost unchanged at $1.0934.
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The Japanese yen remained almost unchanged at 144.47 yen to the dollar.
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The offshore yuan was almost unchanged at 7.1833 yuan to the dollar.
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The Australian dollar was almost unchanged at US$0.6685.
cryptocurrency
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Bitcoin rises 1.5% to $46,113.01
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Ether rose 1.3% to $2,348.58
bond
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The 10-year Treasury yield fell 1 basis point to 4.00%.
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Japan’s 10-year bond yield fell 1.5 basis points to 0.585%.
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Australian 10-year bond yield falls 3 basis points to 4.07%
merchandise
This article was produced in partnership with Bloomberg Automation.
–With assistance from Rita Nazareth and Matthew Burgess.
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©2024 Bloomberg LP
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