SINGAPORE, Sept 13 ― Asian stocks advanced today and the dollar steadied below a recent peak ahead of US inflation data that some strategists said could offer another signal that inflation has peaked.
“It's too early to be celebrating the end of inflation, as some market participants seem already to be doing,” said ING economist Rob Carnell. “A further cooling in inflation would support the case for a step down in the pace of policy tightening to a 50 basis points rate hike at the FOMC meeting next week,” said Kristina Clifton, a senior economist at CBA.
The investment banking world is also offering a counterpoint to stock markets' enthusiasm. Goldman Sachs is mulling job cuts, a person familiar with the plans told Reuters. Tailwinds from last week's European rate hike have the euro extending a bounce and above parity at US$1.0127.