Asian shares rose before a monthly US payrolls report forecast to show employers slowed hiring month, potentially easing pressure on the Federal Reserve to raise interest rates again.
“There may be a few more hikes to come but we are definitely reaching the end” of the cycle, Thu Ha Chow, head of fixed income for Asia at Robeco in Singapore, said on Bloomberg Television. “We’ve got through this year without a very big crack in the US economy, and I think that should give other central banks some confidence” in addressing above-target inflation, she said.
News that a Chinese iron-ore buying agency was in talks with global miners supported shares in BHP Group Limited and Fortescue Metals Group Ltd. Major currencies traded in narrow ranges. The yen edged lower even as former Bank of Japan official Kazuo Momma, currently executive economist at Mizuho Research & Technologies, said the central bank would likely discuss whether to tweak forward guidance and yield curve control when they meet this month.
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