What's different a year after the wildfires? | SaltWire #novascotia #firefighting #wildfires #newsSINGAPORE - Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data.
Data on Thursday showed U.S. initial claims for state unemployment benefits increased more than expected by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said. Brandham said the softer labour market should help the Fed in the fight against inflation, even if the central bank is hoping to tame prices without materially impacting the labour market.
Traders now anticipate 47 bps of cuts this year from the Fed, drastically lower than the 150 bps they priced in at the start of 2024. The yen remains in the spotlight after last week's suspected rounds of interventions from Japanese authorities. It was last at 155.51 per dollar, with Japan's Finance Minister Shunichi Suzuki repeating Tokyo's recent warnings that it was ready to take action against disorderly currency moves.