Asian stocks in cautious mood ahead of Jerome Powell’s testimony

A pedestrian holding an umbrella walks past an electronic stock board outside a securities firm in Tokyo, Japan, on Friday, April 26, 2019. Picture: KEITH BEDFORD / BLOOMBERG

South Korea edged up 0.4%, but Japan’s Nikkei lagged with a loss of 0.2%. E-Mini futures for the S&P 500 dithered either side of flat in very slow trade. Futures are still fully priced for a 25-basis-point cut at the Fed’s July 30-31 meeting, but have abandoned wagers on a half-point move. They had implied a 25% probability of an aggressive cut before Friday’s upbeat jobs report.

Overnight, Atlanta Fed bank president Raphael Bostic let nothing out of the bag by saying the central bank was debating the risks and benefits of letting the US economy run “a little hotter”. That in turn has helped the dollar bounce on a basket of currencies to 97.521 from a June low of 95.843.

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