Asia Stocks Set to Follow End-of-Month US Uptick: Markets Wrap

Equity futures for benchmarks in Japan, Australia and Hong Kong rose after the S&P 500 gained 0.6% and the Nasdaq 100 advanced 0.8% on strong performances by tech behemoths including Nvidia Corp. and Meta Platforms Inc. Oil tempered this week’s rally as investors cashed out. Treasury yields fell from 16-year highs on weak consumer spending data and dovish Fed comments.

September is still shaping up to be the worst month in 2023 for the US stock benchmarks and the weakest month for global bonds since February after the Federal Reserve left interest rates at the highest in 22 years at its last meeting. Oil has rallied for a fourth month, and is set for its best quarter since March 2022, following production cuts by OPEC+ linchpins Saudi Arabia and Russia.

The yen gained versus the dollar for the first session in five ahead of the release of key industrial production, retail sales, and labor figures in Japan. Meanwhile, China starts its Golden Week holiday on Friday, which may damp trading in the region through the first week of October. In the US, dovish-leaning comments from one policymaker and weak consumer spending data helped stoke hope for some easing of the Fed’s messaging. Even if the US enters a recession it should be able to skirt a more severe downturn, according to Richmond Fed President Tom Barkin. Chair Jerome Powell sidestepped investor concerns over the outlook for interest rates at an event.

It’s still too early to know if another rate increase will be needed, Barkin told Bloomberg Television. Earlier, the Chicago Fed’s Austan Goolsbee said policymakers were at risk of overshooting on interest rates by putting too much emphasis on the idea that steep job losses are needed to quell inflation.Personal consumption, the main driver of the US economy, rose an annualized 0.8% in the April-to-June period, the weakest advance in over a year. Other data showed GDP rose at an unrevised 2.

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