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(Bloomberg) — Asian stocks mostly rose, led by tech stocks, as broader risk sentiment improved ahead of the long-awaited U.S. inflation data. European and US stock futures also rose.
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The Hang Seng Tech Index, which tracks Chinese technology stocks listed in Hong Kong, was the latest index in a battered market to rise 20% from recent lows. Japanese stocks started to fall, then narrowed their decline.
February US inflation data could play a key role in influencing when the Federal Reserve finally eases monetary policy. Composite CPI is likely to accelerate, while core indicators are expected to slow slightly, according to Bloomberg Economics.
“Ultimately, we do not expect February’s CPI report to provide enough clear evidence of disinflation to give the Fed confidence in rate cuts,” Bloomberg economists Anna Wong and Stuart Paul wrote in a note. said. “But they can have plenty of confidence in May.”
Xiaomi was one of Asia’s best-performing companies, with its stock posting its biggest jump in a year after the company announced it would start selling long-awaited electric cars this month.
Shares of steel companies fell on Monday as iron ore prices fell by the most since 2022 as investors weighed the outlook for Chinese demand in the absence of new government stimulus. did. Metal prices were stable on Tuesday.
The yen rose for the first time in six days after Bank of Japan Governor Kazuo Ueda pointed out weakness in some non-durable goods consumption and also suggested that the Bank of Japan was on track to end its negative interest rate policy. It fell. The Bank of Japan will make its next policy decision on March 19th.
“We expect the BOJ to end its negative interest rate policy in April as it wants to digest more data,” Malayan Banking strategists led by Saktyandi Supaat said in a research note. . “If the BOJ is disappointed in its exit decision at its next March meeting, USD/JPY could rise, and we see an opportunity to sell USD/JPY on the upside.”
Japan’s 10-year bond yield rose to the highest level in three months following a current report that the Bank of Japan will lift negative interest rates at next week’s meeting if the wage data is positive.
In Asia, government bond prices were little changed as traders braced for another round of sales of high-quality corporate bonds. The Bloomberg Dollar Spot Index oscillated between gains and losses.
According to a survey conducted by 22V Research, 45% of investors expect the market reaction to Tuesday’s U.S. consumer price index to be “risk-off.” While most people still expect the CPI to be on an upward trajectory to a Fed-friendly 2%, the percentage who think monetary conditions need to be tightened rose from 22% to 36%. .
Elsewhere, oil prices edged higher as traders awaited OPEC’s monthly report and industry data on US stockpiles. Bitcoin held just above $72,000 after surpassing that level for the first time on Monday.
This week’s main events:
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UK Monetary Policy Committee quarterly meeting attended by Bank of England Governor Andrew Bailey on Tuesday
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EU finance ministers meet in Brussels on Tuesday
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ECB Executive Board Member Robert Holzmann, Tuesday
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US Consumer Price Index, Tuesday
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Eurozone industrial production, Wednesday
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ECB Executive Board member Giannis Stournaras speaks on Wednesday
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Volkswagen, Adidas financial results, Wednesday
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US PPI, Retail Sales, New Unemployment Insurance Claims, Business Inventories, Thursday
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Chinese real estate prices Friday
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Japan’s largest trade union federation announces results of annual wage negotiations on Friday ahead of Bank of Japan policy meeting
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Bank of England releases inflation survey on Friday
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US Industrial Production, University of Michigan Consumer Sentiment, Empire Manufacturing, Friday
The main movements in the market are:
stock
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As of 6:38 a.m. London time, S&P 500 futures were up 0.4%. S&P500 fell 0.1%
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Nasdaq 100 futures rose 0.6%.Nasdaq 100 fell 0.4%
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Euro Stoxx50 futures rose 0.6%
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Japan’s TOPIX index fell by 0.4%
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Hong Kong’s Hang Seng Index rose 2.8%.
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China’s Shanghai Composite Index fell 0.5%.
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Australia’s S&P/ASX 200 index rises 0.1%
currency
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Bloomberg Dollar Spot Index little changed
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The euro rose 0.1% to $1.0937.
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The Japanese yen fell 0.3% to 147.42 yen to the dollar.
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The offshore yuan was almost unchanged at 7.1809 yuan to the dollar.
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The Australian dollar was almost unchanged at US$0.6615.
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The British pound was almost unchanged at $1.2818.
cryptocurrency
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Bitcoin is little changed at $72,160.54
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Ether fell 0.7% to $4,005.06.
bond
merchandise
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West Texas Intermediate crude rose 0.3% to $78.20 per barrel.
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Spot gold fell 0.4% to $2,174.71 an ounce.
This article was produced in partnership with Bloomberg Automation.
–With assistance from Michael G. Wilson, Ruth Carson, and Jason Scott.
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