Asian stocks nudged higher today while the dollar was firm, keeping the yen rooted near five-month lows in thin year-end trading as investors looked ahead to 2025, when the Federal Reserve is expected to take a cautious approach to rate cuts. — AFP picas a first-time user .
That has left the yen loitering around levels last seen in July. Today, it was a tad stronger at 157.59 per dollar, still down over 10 per cent in 2024 against the dollar, its fourth straight year of decline. In stocks, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher at 575.11, on course for nearly a 9 per cent gain this year. Japan’s Nikkei shot up 2 per cent due to a weak yen, set for about 21 per cent rise in 2024.
European markets are likely to open higher, with Eurostoxx 50 futures up 0.5 per cent, German DAX futures up 0.3 per cent and FTSE futures 0.08 per cent higher. “Simply put, if the markets can feel comfortable with the notion of two cuts from the Fed next and that’s subsequently backed by goldilocks data once trading conditions normalise, then the bull market may have more legs,” said Rodda.
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