Asia stocks stutter, euro gains after first round vote in France

A passerby is reflected on an electronic screen displaying a graph showing recent Japan's Nikkei share average movements and stock prices in TokyoSINGAPORE - Asian stocks were subdued on Monday as traders pondered the U.S rates outlook, while the euro edged higher after the far-right won a smaller share of the vote in the first round of France's shock snap election than some polls had projected.

"We've also seen a lot of rhetoric form other parties looking to perhaps pull out candidates to try and avoid the National Rally winning seats in the runoff next Sunday ... The market may be taking a little bit of solace in that." In Asia, the MSCI's broadest index of Asia-Pacific shares outside Japan was 0.18% lower, to kick off the second half of the year having risen 7% so far in 2024. Japan's Nikkei rose 0.57%.

Still, markets are clinging to expectations of at least two rate cuts from the Fed this year with a cut in September pegged in at 63% probability, CME FedWatch tool showed.Among currencies, the yen traded around 160.98 per dollar after the government, in a rare unscheduled revision to gross domestic product data on Monday, said Japan's economy shrank more than initially reported in the first quarter.

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