Futures in Japan pointed to gains, while Australian shares are poised to open flat and Hong Kong may dip. In the US, tech stocks led the way forward with the Nasdaq 100 rising 1.2%. Tesla Inc. rallied 10% as Morgan Stanley said its Dojo supercomputer may boost value by up to $500 billion. Qualcomm Inc. climbed after Apple Inc. extended a deal with the chipmaker.
Focus in Asia remains on hopes for China’s recovery, amid fresh signs on Monday that Asia’s biggest economy may finally be starting to improve. Deflationary pressures eased and the yuan rallied, while strong credit data showed recent steps to bolster the real estate market may be starting to lift household demand for mortgages.
In the US, consumers’ inflation expectations were mostly stable in August, but households grew more concerned about their finances and more pessimistic about the job market, according to a Fed Bank of New York survey. The consumer-price index report Wednesday will provide the latest insight into how much further the Fed may need to go to pull inflation back toward its target.
“Bullishness is relatively high while the Fed remains shy of its inflation target,” John Stoltzfus, chief investment strategist at Oppenheimer & Co., wrote. He said investors should curb their enthusiasm for a long rate pause or even a rate cut and instead “right-size expectations.”
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