Asian Stocks to Join Global Rally, Treasuries Rise: Markets Wrap

-- Asian equities were set to join a global stock rally as bets the Federal Reserve will soon start cutting rates fueled a rush into riskier corners of the market.Trump Security Tightened on Iran Plot Intelligence, No Known Link to Rally ShootingEquity futures for Japan, Australia and Hong Kong all rallied Wednesday after US shares advanced to fresh highs, pushing global stocks to a new peak.Gains in the US were marked by a rotation into smaller stocks.

Treasuries rallied across the curve Tuesday. The 10-year yield fell seven basis points, while the policy-sensitive two-year yield fell by four. The dollar was little changed. The yen was steady early Wednesday after two daily declines against the greenback. Australian and New Zealand bonds rose early Wednesday.In Asia, economic data due for release includes exports for Singapore and a monetary decision in Indonesia. Markets are closed in India and Pakistan.

Bank of America Corp. gave a forecast for net interest income, its biggest source of revenue, that exceeded expectations. Morgan Stanley’s traders joined the party across Wall Street in the second quarter even as the firm’s larger wealth business fell short of expectations. Charles Schwab Corp. warned it will have to shrink itself in order to protect profits.

“The longer-term monthly chart on the Russell shows a better picture of its potential,” he noted. “We believe the Russell 2000 can trade back toward its all-time highs as mean reversion in relative strength highlights further bandwidth for the sector against this year’s leadership,” of big tech, he said.

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