Asian stocks recover before inflation test as dollar treads water

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Bulls are hoping Tuesday's reading on US consumer prices will hint at a peak for rising prices

The Hong Kong Stock Exchange in Hong Kong, China. File photo: BLOOMBERG/BERTHA WANG

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5%, having bounced modestly from a two-year low hit last week. Japan's Nikkei added another 1.1%, after rallying 2% last week. Bulls are hoping Tuesday's reading on US consumer prices will hint at a peak for inflation as falling petrol prices are seen pulling down the headline index by 0.1%, according to a Reuters poll.“Arguably, with the economy having contracted through the first half, and household discretionary spending capacity under significant pressure, we are due a modest downside surprise,” said economists at Westpac.

“In our view, these trends only turn when markets price the full fury of central bank hikes and we are not quite there yet.” Japan's government must take steps as needed to counter excessive declines in the yen, a senior government official said on Sunday, after it hit its weakest level against the dollar in 24 years.Recent troughThe euro nudged up 0.5% to $1.0086, and away from its recent trough of $0.9865.

“The rampant USD is causing strain in developing countries, which are finding imports priced in USD more expensive,” they said in a note.

 

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