Asian stocks firm as bonds pause on update over US rate outlook

Sydney — Asian shares edged up on Monday while bond markets held their breath ahead of an update on the US rate outlook from the world’s most powerful central banker, and a jobs report that could decide if the next hike needs to be supersized.

Japan’s Nikkei climbed 1.2% to a three-month top, while South Korean stocks added 1.0% helped by a softer reading on inflation. Euro Stoxx 50 futures firmed 0.5%, while FTSE futures held steady. S&P 500 futures gained 0.2% and Nasdaq futures 0.4%, after rallying on Friday as bond yields eased back a little.

San Francisco Fed president Mary Daly on Saturday reiterated rates would have to go up but set a high bar for moving to half-point increases.February payrolls “Payrolls are due on the final day when Fed officials can publicly discuss monetary policy, but CPI will be released during the blackout period,” he added. “If we end up in a situation where the jobs and inflation numbers present a conflicting view, the outcome of the Fed meeting could become even harder to predict.

The BOJ jolted markets in December when it unexpectedly widened the allowed trading band for 10-year bond yields to between -50 and +50 basis points.

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