Asia stocks hold steady as more rate cuts loom

FILE PHOTO: A visitor stands next to an electronic screen displaying Japan's Nikkei stock prices quotation board as the average surged past an all-time record high scaled in December 1989, inside a building in Tokyo, Japan February 22, 2024. REUTERS/Issei Kato/File Photo

S&P 500 futures and Nasdaq futures were both up 0.1 per cent. The S&P is up 0.8 per cent so far in September, historically the weakest month for stocks, and has gained 19 per cent year-to-date to reach all-time highs. "While the move was well flagged, its importance is hard to overstate, given the Fed's role in USD liquidity conditions worldwide," said Barclays economist Christian Keller.

The coming week also includes surveys on global manufacturing, U.S. consumer confidence and durable goods. One bank not easing is the Reserve Bank of Australia which meets on Tuesday and is considered almost certain to hold at 4.35 per cent as inflation proves stubborn. (0#RBAWATCH> Japan's LDP, which has a parliamentary majority, will elect a new leader on Sept. 27, with the winner to replace outgoing Prime Minister Fumio Kishida.

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