Currency traders work near the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, May 16, 2024.
In Asian trading, Tokyo's Nikkei 225 index gained 1.4% to 38,920.26, even after the government reported that theHong Kong's Hang Seng index rose 1.6% to 19,376.53. The Shanghai Composite index edged 0.1% higher, to 3,122.40. Slowing retail sales could be seen as a positive for markets, because it could reduce the upward pressure on inflation. But weaker U.S. consumer spending would erode one of the main pillars keeping the economy out of a recession. Pressure has grownTraders are now forecasting a nearly 95% probability that the Fed cuts its main interest rate at least once this year, according to data from CME Group. That's up from just below 90% a day before.
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