Asian stocks climb, yen rallies off historic lows: Markets wrap

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Stocks in Asia rose after economic data supported the case for Federal Reserve interest-rate cuts, and the yen bounced off its lowest level against the dollar since 1986.

“Weaker Treasury yields and a dip in the US dollar on dovish rate bets may be supportive of risk sentiments across the region,” said Jun Rong Yeap, market strategist at IG Asia Pte. The “slowing US growth prospects” are making a September rate cut “more likely than not,” he said. Treasury 10-year yields were steady after dropping seven basis points to 4.36% in the prior session, which weighed on an index of dollar strength. Most Asian currencies gained against the greenback led by Thailand’s Baht and Taiwanese dollar.

“The UK and French elections will be more of a temporary concern for the markets,” Adrian Zuercher, chief investment officer at UBS AG Private Banking told Bloomberg Radio. But “Trump is a different story, particularly, the trade war situation, we will have to see how aggressive he will be on tariffs and that might resonate a little bit longer” with the markets, he said. ADVERTISEMENT: CONTINUE READING BELOW Investors will now keep an close eye on Friday’s US jobs report.

 

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