Asia Stocks Set for Mixed Open as US Rally Falters: Markets Wrap

-- Stocks in Asia are set for a mixed open following a sluggish US session, with investors split on whether the market can sustain this month’s rally given economic crosscurrents.Equity futures point to a modest gain in Australia, a drop in Japan and a steady Hong Kong open. In the US session, the S&P 500 briefly hit 5,200 before paring its advance while Treasury 10-year yields fell after solid demand in a sale of three-year notes. US futures were little changed in early Asia trading.

Economists at Morgan Stanley changed their forecast for the timing of the Fed’s first cut to September from July because of “lack of progress” on inflation. To Solita Marcelli at UBS Global Wealth Management, investors should stay vigilant on a range of economic and geopolitical risks that could send market volatility back up again.

Palantir Technologies Inc. tumbled as the market appeared unimpressed by the company’s outlook for annual sales after the stock has tripled in the past year.

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