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Fed minutes and US labour data hog focus as Asian stocks edge up

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Markets make a tentative start to the year, not keen to make a call on a US rates pivot just yet

Singapore — Asian equities rose on Wednesday, while the dollar was on the back foot after a steep spike overnight, with investors keenly awaiting minutes from the Federal Reserve’s most recent meeting to gauge the path forward for interest rates.

China’s stocks opened flat, while Hong Kong’s Hang Seng index opened roughly 1% higher. Investors have pinned their hopes on a swift post-Covid-19 era recovery in China after the country started dismantling strict curbs. Minutes from the Fed’s December meeting, when it cautioned rates may need to remain higher for longer, are due to be released later on Wednesday. Investors will parse the minutes to figure out whether more policy tightening is likely.

“It is too early to start betting on a Fed pivot this year and that should make this difficult environment for stocks,” said Edward Moya, senior market analyst at Oanda in New York.

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