Sydney — Asian shares turned cagey on Monday before a week that is certain to see interest rates rise in Europe and the US, with US jobs and wage data that may influence how much further they still have to go.
The index was off 0.2% on Monday with markets mixed across the region. Japan's Nikkei went flat, while Taiwan jumped 3.1%. S&P 500 futures and Nasdaq futures both eased 0.3%, while Euro Stoxx 50 futures and FTSE futures dipped 0.2%.Investors are confident the Federal Reserve will raise rates by 25 basis points on Wednesday, followed the day after by half-point hikes from the Bank of England and European Central Bank, and any deviation from that script would be a shock.
Yields on 10-year notes have fallen 33 basis points so far this month to 3.50%, essentially easing financial conditions even as the Fed talks tough on tightening. “Apple will give a glimpse into the overall demand story for consumers globally and a snapshot of the China supply chain issues starting to slowly abate,” wrote analysts at Wedbush.
The euro is up 1.5% for January at $1.0878 and just off a nine-month top. The dollar has even lost 1.3% on the yen to 129.27 despite the Bank of Japan's dogged defence of its ubereasy policies.
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