capped a tumultuous week.The key focus in Asian markets this week will be the Bank of Japan’s monetary policy meeting on Wednesday, where investors widely expect the central bank to raise its key interest rate from its near-zero level to perhaps up to 0.3%.
Since the Federal Reserve began raising interest rates in March 2022 to counter inflation, he added, “the big market blunder has been prematurely anticipating rate cuts — way too early and far too aggressively. It’s like expecting dessert before finishing the main course.” Australia’s S&P/ASX 200 advanced 0.8% to 7,988.20. In South Korea, the Kospi jumped 1.2%, to 2,765.05.On Friday, the S&P 500 jumped 1.1% to 5,459.10 for its best day in seven weeks after 3M and several other big companies delivered better profits for the spring than analysts expected. The Dow Jones Industrial Average soared 1.6% to 40,589.34, while the Nasdaq composite climbed 1% to 17,357.88.
They were under pressure after the latest profit reports from Tesla and Alphabet raised worries that investors had gotten carried away in their frenzy around artificial-intelligence technology and taken Magnificent Seven prices too high. Stocks broadly got a boost from Friday’s latest update on inflation, which further cemented investors’ expectations for coming cuts to interest rates.
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