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Premarket: Stocks shift focus to earnings, FX markets on Japan intervention watch

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U.S. earnings kick off with big banks JPMorgan Chase, Wells Fargo and Citigroup

Upbeat earnings and U.S. rate cut hopes helped boost the mood in equity markets on Friday, although skittishness prevailed in forex markets a day after Tokyo was believed to have stepped in to prop up a weak yen.

“The CPI is good news and obviously, equities to some degree, like it, but we’re seeing other indicators suggest perhaps that things are softening in the U.S.,” said James Rossiter, head of global macro strategy at TD Securities. Japan’s top currency diplomat said authorities would take action as needed in the foreign exchange market.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent, while Japan’s Nikkei fell more than 2 per cent, dragged down by tech stocks.

 

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