Asian Stocks Set to Gain as Yen Holds to Rally: Markets Wrap

-- Asian equities were set to advance Friday after a fourth day of gains on Wall Street as the latest batch of economic data did little to dissuade investors about the trajectory of anticipated Federal Reserve rate cuts.Equity futures in Japan, Australia and Hong Kong climbed, with each rising by less than 1% in a sign of muted risk appetite. The yen found early support Friday, trading at around 141 per dollar to hold on to run of strengthening against the greenback.

“We think PPI sustains a lingering possibility of a starter 50, which would take less risk with the soft landing,” said Krishna Guha at Evercore. In the past four weeks, five of nine board members have telegraphed their intention to raise rates again if the bank’s inflation outlook is realized. Market volatility in the days after the Bank of Japan’s July 31 rate hike hasn’t spooked policymakers enough to derail them from the normalization path.

West Texas Intermediate, the US oil price, rose more than 2% Thursday after storm Francine disrupted production in the Gulf of Mexico, while gold hit an all-time high.The Japanese yen rose 0.1% to 141.64 per dollarEV Leases Go as Low as $20 a Month to Help Dealers Clear Their LotsB.C. to scrap consumer carbon tax if federal government drops legal requirement: Eby

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