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Stocks rise as weak China data stokes stimulus hopes; euro waits on ECB

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Asian stocks hit two-month highs and the dollar notched new peaks against the yen and the yuan as the Federal Reserve paused rate hikes while flagging more, drawing attention to the contrast with more dovish policy outlooks in Asia. | Reuters

The yen fell about 0.9 percent to a six-month low of 141.43 per dollar. The yuan hit a six-month trough of 7.1819, while hopes of more stimulus sent stock indexes in Hong Kong and Shanghai up by more than 1 percent.

“They point at inflation, the labor market and wages and say look we want at 2 percent and whether it’s 6 percent or 5 percent or 5.5 percent it’s still not at 2 percent – they’re going to do they need to do to get that down to 2 percent.” “The conditions we need to see … to get inflation down are coming into place,” Fed Chair Jerome Powell said. “But the process of that actually working on inflation is going to take some time.”In Asia, the focus was on China where industrial output and retail sales figures fell short of market forecasts and property investment and home sales tumbled at a sharper pace, in the latest sign the country’s post-pandemic economic recovery is losing steam.

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