U.S. stocks rise as traders await Fed; dollar declines - BNN Bloomberg

U.S.-listed Chinese stocks soared in premarket trading, tracking an earlier rally in Chinese markets on speculation that the country's policymakers are looking to gradually unwind its stringent COVID policy, even as the country's Foreign Ministry said it was unaware of such a plan.

Still, strategists including JPMorgan Chase & Co.'s Marko Kolanovic believe the Fed's aggressive hiking is nearing an end, providing the prospect of relief for markets. The U.S. will likely raise rates by 50 basis points in December and pause after one more 25-basis-point hike in the first quarter, he said.

“If the Fed does give us some indication that there is light at the end of the tunnel, we are very close if not already past peak dollar,” Mark Matthews, head of Asia research at Julius Baer said on Bloomberg TV. “Then all the currencies which have declined like the euro will rebound.” Among other moves, shares in European online retailers and food delivery firms rallied on Tuesday as Ocado Group Plc jumped after its deal with South Korea's Lotte Shopping Co.

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