Asian Stocks Mostly Slip Amid US Rate Expectations

📆 20/12/2024 4:13:00
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Asian Stocks,Interest Rates,Inflation

Asian markets largely declined this week, influenced by the prospect of slower US interest rate cuts. Japanese markets bucked the trend, showing slight gains despite strong inflation data. The Bank of Japan hinted at a later rate hike.

Most Asian stocks moved in a flat-to-low range on Friday and were nursing steep losses this week as the prospect of a slower fall in U.S. interest rates eroded risk appetite. Japanese markets were an exception, rising slightly even as stronger than expected consumer inflation data highlighted the potential for more interest rate hikes by the Bank of Japan. But comments from the BOJ on Thursday suggested that rates will likely rise later rather than sooner.

Asian markets took middling cues from a flat overnight close on Wall Street, as U.S. stocks tumbled from record highs after the Federal Reserve signaled a slower pace of rate cuts in 2025. Wall Street futures were muted in Asian trade. Indexes both rose about 0.2%, faring better than their regional peers. Both indexes were set to lose between 1% to 1.4% this week. Inflation read higher than expected for November, with core inflation rising further above the BOJ’s 2% annual target amid strong private spending. The reading furthered the case for more rate hikes by the BOJ. The central bank kept rates steady on Thursday, citing caution over Japan’s economic outlook, as well as what U.S. policies would entail for the global economy. BOJ Governor Kazuo Ueda reiterated the bank’s plans to raise interest rates further, but did not provide a specific timeline for a hike. His comments on watching the spring wage negotiations for more insight on wage growth suggested that a hike may come later in 2025- a scenario that bodes well for Japanese stocks in the near-term. Indexes clocked mild gains on Friday, and were the best performers in Asia this week, clocking smaller losses than their regional peers. Losses in Chinese markets were curtailed by growing confidence that Beijing will ramp up fiscal spending in 2025 to boost economic growth, amid persistent signs of weakness in Asia’s biggest econom

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