Asian Stocks to Rise After US Gains, China Support: Markets Wrap

-- Asian stocks are set to climb in early trading after US equities notched a fresh record amid resilient corporate earnings and China took steps to shore up its property market.Even If Alito Is Right, the Upside-Down Flag Was WrongEquity futures in Australia, Hong Kong and mainland China point to early gains when trading resumes Monday, while contracts in Japan nudged lower.

“May has beaten the seasonal curse of selling and going away,” said Bob Savage, head of markets strategy and insights at BNY Mellon. “The “not nonplussed” nature of the current time won’t last but the lesson from the last week is to enjoy the moment. The lack of bigger shocks to the world in the last week stands out and makes for an extension of the May risk rally.”

“We continue to expect the Fed to cut rates by 50 basis points this year, with more reductions in 2025 and 2026,” said Solita Marcelli, Chief Investment Officer Americas, UBS Global Wealth Management. “This creates a benign macro environment that is supportive of our investment recommendation for quality bonds and quality stocks.”

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