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Today is packed with risk events for markets after a relatively subdued rest of the week, with US Democratic President Joe Biden and his Republican rival Donald Trump set to take the stage at 0100 GMT for their first debate of the year ahead of November's US presidential elections. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.06 per cent early in the Asian session, and was on track to gain some 3.2 per cent for the month, its best performance since February.Growing expectations of an imminent Fed easing cycle and momentum from the artificial intelligence boom have sparked a risk rally across stock markets and catapulted Wall Street to record highs, in turn lifting Asian shares.
S&P 500 futures and Nasdaq futures both ticked higher, rising 0.18 per cent and 0.3 per cent, respectively. “Considering that the current pace of depreciation is slower than in April, there should be no reason why 160 has to be the line in the sand,” said Vincent Chung, associate portfolio manager for T. Rowe Price's diversified income bond strategy.
Data on Friday showed core consumer prices in Japan's capital rose 2.1% in June from a year earlier, highlighting the challenge the Bank of Japan faces in timing its next interest rate hike, as cost pressures from the weak yen keep inflation above its 2% target but also hurt consumption.
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