Asia Stocks to Rise After US Brushes Off Hot PPI: Markets Wrap

-- Equity markets in Asia are poised to open higher after US shares gained for a fourth day as traders shrugged off a hotter-than-estimated wholesale inflation reading.Futures for benchmarks in Japan and Hong Kong gained, while contracts in Australia were slightly higher. The S&P 500 capped the longest winning streak since August on Wednesday as investors focused on less hawkish comments from Federal Reserve speakers. Contracts for US stocks edged higher in early Asian trading.

For Krishna Guha at Evercore, Waller’s remarks confirm “a lot has changed” since the Fed’s September gathering, when officials “were not at all focused on the surge in bond yields that had taken place by the time of that meeting.”Fed minutes Wednesday showed that central bank officials agreed last month that US policy should remain restrictive for “some time” to keep cooling down inflation — while noting risks had become more balanced.

That’s pushed an indicator known as earnings-revision momentum — a gauge of upward-to-downward changes to expected per-share earnings over the next 12 months — to roughly positive territory and well over its November 2022 low of negative 70%, according to data compiled by Bloomberg Intelligence. It’s the most positive reading ahead of an earnings season since the first quarter of 2022, with forecasts recently only getting marked up after executives deliver the latest guidance.

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