-- Stocks in Asia are set to decline after a rally on Wall Street halted within striking distance of its all-time highs.Futures pointed to drops of at least 0.5% in Tokyo, Hong Kong and Sydney after the US benchmark edged lower to end an eight-day winning streak. In stark contrast to the panic selling of early August, bullishness has been in overdrive on Wall Street, with nearly $16 billion in new long bets added to S&P 500 futures just last week, according to Citigroup Inc.
In Asia, policymakers in Indonesia and Thailand are tipped to keep interest rates unchanged on Wednesday as they weigh uncertainties over political transitions while awaiting the Fed’s imminent easing. Momentum traders and a surge in corporate buybacks promise to drive a US stocks rally over the next four weeks, Goldman Sachs Group Inc.’s Scott Rubner said in a note dated Monday.
To Anthony Saglimbene at Ameriprise, continued progress on inflation, moderating but still healthy labor conditions, and economic updates that point to firm consumer trends likely allow the Fed to comfortably begin cutting its policy rate in September.
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