SINGAPORE - Asian shares gained on Thursday on rising expectations the U.S. Federal Reserve will likely cut interest rates in September, while the euro advanced ahead of the European Central Bank policy meeting where a rate cut is widely expected.
Modi will for the first time head a government dependent on the support of regional allies whose loyalties have wavered over time, which could complicate the new cabinet's reform agenda and has unnerved some investors. "We're still in the Goldilocks range so bad economic news has been good for equities as Fed rate cuts are back on the table," said Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management.Investor focus is now on the nonfarm payroll report for May due on Friday, with a Reuters poll of economists expecting it to increase by 185,000 jobs.
The euro was up 0.2% at $1.089025, not far from the two-and-a-half month high it touched on Tuesday ahead of the ECB meeting that will kick off a fresh round of central bank policy reviews, with the Fed and the Bank of Japan due to meet next week. "The market can perceive this to be a policy mistake as a series of rate cuts can potentially exacerbate inflation in the medium term."
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