Asian Stocks Set to Slide as Fed Cuts Seen Delayed: Markets Wrap

-- Asian stocks are poised to track Wall Street lower following activity data that signaled the Federal Reserve may keep rates on hold for most of this year.Equity futures in Australia, Japan and Hong Kong pointed to losses of more than 1% at the open Friday. US contracts were steady after the S&P 500 fell the most this month and the Dow Jones Industrial Average lost 1.5% on Thursday. Australian yields climbed, following Treasuries.

The cooling in prices, however, won’t “deter financial markets from speculating further Bank of Japan policy tightening,” said Kristina Clifton, a senior economist at Commonwealth Bank of Australia in Sydney. “At this stage, we expect the BOJ to wait until around October before increasing interest rates again” which could place further pressure on the yen, she added.

Meantime, following another round of blowout earnings from artificial-intelligence darling Nvidia Corp, the chipmaker jumped over 9% on a solid outlook and topped the historic $1,000 mark. Together with the economy’s steady advance, the S&P 500 likely has further room to rise, according to JPMorgan Chase & Co.’s trading desk.

WASHINGTON — Families of four of the five Marines killed when their Osprey crashed in California in June of 2022 filed a federal lawsuit Thursday alleging that the aircraft's manufacturers failed to address known mechanical failures that led to the deaths.Frontera Energy Corporation is pleased to announce the results from its 2024 annual meeting of shareholders held today .

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