SYDNEY : Asian stocks started cautiously on Monday as investors braced for a China policy rate decision and economic data this week, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year. Early action was sluggish following a report on Friday s
SYDNEY : Asian stocks started cautiously on Monday as investors braced for a China policy rate decision and economic data this week, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.16 per cent lower, while Japan's Nikkei bucked the trend with a gain of 0.5 per cent, building on the optimism from last week during the earnings season.Investors are keenly awaiting China's central bank rate decision on Monday. Market watchers polled by Reuters expect the medium-term policy rate to be left unchanged despite disappointing data last week that fuelled concerns about a global slowdown.
"However, with China's data throwing up a few concerns of late - we've seen poor import, PPI, and loan data - China's growth is very much at the heart of market moves," said Weston. Markets are still seeing this is the peak for Fed funds rates and pricing in 70 basis points in cuts by the end of this year, after the CPI and PPI data last week supported the case of Fed pausing given the slowing inflation.
Very much on investors' mind was the uncertainty about lifting the U.S. debt ceiling and the return of bank worries. U.S. President Joe Biden expects to meet with Congressional leaders on Tuesday for talks to raise the nation's debt limit and avoid a catastrophic default.
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