Asian stocks rose, heading for their second day of gains on Tuesday, as the dollar slipped before a swath of inflation prints that’s expected to influence the direction of global monetary policy.
Chinese property shares advanced after Shanghai lowered down-payment ratios and the minimum mortgage threshold, as bigger Chinese cities follow through on the central government’s aid for the property sector. Tech stocks in China gained as major Chinese state banks said they will put a combined 114 billion yuan into a semiconductor investment fund.
“Things will pick up tonight when the US opens, and then I suspect the next few days, all else being equal, will be driven by end-of-month flows and then that crucial PCE Index release,” said Kyle Rodda, a senior market analyst at Capital.Com Inc. “All we are seeing is the usual tidal currents in the market when there’s nothing much going on and no one is really around.”
In commodities, gold steadied. Oil advanced as focus shifted to an OPEC+ supply meeting on Sunday and US demand at the start of the summer driving season. Copper resumed its rally as China steps up efforts to rescue its property market and as the dollar weakened. Wheat briefly touched the highest level in more than nine months on concerns over shrinking stockpiles.
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Stocks climb, dollar slips on hopes for Fed easing: Markets wrapSpot gold rose 0.5% to $2 344.94 an ounce.
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