Asian stocks ease from three-month highs

Stock prices displayed inside the trading gallery of the RHB Investment Bank Bhd. headquarters in Kuala Lumpur, Malaysia, on November 21 2022. Picture: Samsul Said/Bloomberg

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.4%, after climbing to a three-month high in the previous session. The benchmark has gained 21% from October lows on persistent chatter about China easing pandemic measures. “The black swan in the room is the risk of the Fed being too late again, but this time in cutting rates,” Havard Chi, head of research at hedge fund Quarz Capital Asia, said.

Futures show the market expects US short-term interest rates to peak at 5.001% in May. The expectation is about nine basis points higher than it was last week. By December 2023, the rates will have declined to 4.574%, according to futures markets. Oil prices edged up, after a G7 price cap on Russian seaborne oil came into force on Monday on top of an EU embargo on imports of Russian crude by sea.

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