Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong KongSINGAPORE - Industrial metals prices extended their gains on Tuesday with expectations of a worldwide manufacturing rebound, while Asian shares crept up a little more cautiously ahead of this week's U.S. inflation data and a crucial European Central Bank meeting.Shanghai copper futures were up 1% at a two-year high and have gained more than 10% in a month.
Silver hit its highest since mid-2021 on Monday and platinum has also shot higher. Brent crude is below recent peaks but clinging above $90 a barrel at $90.62. Expectations for U.S. rate cuts have been evaporating and where in January markets had expected more than 150 basis points in cuts, investors now are not even sure of half that many.
"A stabilisation around $1.0800 in the near term remains likely in EUR/USD, although drops to $1.07 or lower look more likely than a break higher to $1.09/1.10," strategists at ING said. Japanese Finance Minister Shunichi Suzuki said authorities will not rule out any options in dealing with excessive yen moves, repeating his warning that Tokyo is ready to act against the currency's recent sharp declines.
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