Remembering Harley: Graveside memorial service honours homeless Hantsport man’s life | SaltWireSINGAPORE - China led Asia's stock markets higher on Wednesday as investors cheered the approval of a trillion-yuan sovereign bond issue as a harbinger of stimulus, while the Aussie dollar hit a two-week high as hotter-than-expected inflation lifted rate forecasts.
Overnight solid earnings and U.S. economic data lifted Wall Street indexes, while oil and the euro had dropped on weaker-than-forecast purchasing managers surveys on the continent. U.S. and European stock futures were steady in early Asia trade. "Government expenditure will help the economy to stabilise further and strengthen growth in the fourth quarter," said Steven Leung, executive director of institutional sales at broker UOB Kay Hian in Hong Kong.
Investors pulled forward European rate cut expectations a little and the euro was nursing losses at $1.0594. "Given the hawkish rhetoric from the RBA over the past two weeks and an uncomfortably high Q3 CPI outcome, we now expect the RBA to increase the cash rate by 25bp in November to 4.35%," ANZ analysts said in a note.
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