The moves in stocks, currencies and bonds around Asia on Monday were modest, in part reflecting the President’s Day holiday in the US. There was no cash Treasuries trading on Monday.
Looking further ahead this week, investors will also be watching for more commentary on the American consumers as Walmart and Home Depot kick off a slew of retail earnings reports. Further signs of a resilient economy could provide more reasons for the Fed to hold rates higher for longer. Meanwhile, Morgan Stanley equity strategist Michael Wilson warned that even though the economic situation appeared to have improved at the margin, with additional liquidity provided by central banks, it would not forestall an earnings recession. “The bear market rally that began in October from reasonable prices and low expectations has morphed into a speculative frenzy based on a Fed pause/pivot that isn’t coming,” he wrote in a note.on the year last week.
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