Asia stocks gain on rate cut wagers, yen stays near 38-year lows

SINGAPORE - Asian stocks rose on Wednesday as comments from Fed Chair Jerome Powell reinforced expectations that U.S. rate cuts were not far off, while the yen remained pinned near levels last seen in 1986, keeping traders wary of Japanese intervention.

Michael Brown, senior research strategist at Pepperstone, said Powell's remarks sounded, at the margin, just a touch more dovish than those made as of late. Chinese stocks fell in early trading, with the blue-chip CSI 300 index down 0.27%. Hong Kong's Hang Seng was 0.3% higher. Traders have been on the lookout for signs of Japanese authorities intervening in the currency market to prop up the frail yen, with some analysts suggesting that the line in the sand might be further away than current levels.

Data on Tuesday also showed euro zone inflation eased last month but a crucial services component remained stubbornly high, likely fuelling concern among some policymakers that domestic price pressures could stay at elevated levels. Brent crude oil futures rising 0.44% to $86.62 a barrel, while U.S. West Texas Intermediate crude futures were 0.41% higher at $83.15 per barrel.NEW YORK — Ivanka Trump broke her weekslong silence regarding her father’s recent hush money criminal conviction during a podcast appearance released Tuesday. The former White House staffer said the experience has been agonizing.

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