Asian Stocks Eye Early Gains Into BOJ, Fed Week: Markets Wrap

-- Asian stocks are poised to rise in early trading ahead of a week of key central bank decisions in Japan, US and UK, as well as some big tech earnings releases. The dollar and yen were steady.Equity futures in Australia, Japan and Hong Kong point to early gains after US stocks surged Friday amid bets that looming Federal Reserve rate cuts will help fuel corporate earnings. US equity contracts rose in early trading on Monday, while a Bloomberg gauge of the dollar’s strength was little changed.

US Treasuries rallied on Friday, and every major group in the S&P 500 rose, as the rotation into economically sensitive shares gathered pace after data reinforced views the Fed is on the cusp of cutting interest rates. Its preferred measure of underlying inflation — the core personal consumption expenditures price index — notched a tame pace in June and spending remained healthy.

Just hours before the Fed’s decision, the Bank of Japan is expected to release details of plans to cut monthly bond purchases at the conclusion of its two-day policy meeting on Wednesday, while most economists also see the risk of a rate hike. The yen climbed 2.

Elsewhere in Asia, Chinese factory activity data is due this week, providing further insight into a surprise People’s Bank of China rate cut to boost a flailing economy. Australian inflation data will also be keenly awaited as investors and analysts debate whether the nation’s central bank will hike its key rate as early as next week.

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