Stocks Rally on Fed Cut Hopes, Yen Strengthens: Markets Wrap

-- Equities in Asia were primed to broadly track US stocks higher Thursday on firming signs the Federal Reserve will soon cut interest rates. Japan was an outlier as stock futures fell to reflect a stronger yen.Share futures for Australia and Hong Kong climbed after the S&P 500 and the Nasdaq 100 both rose, helped along by sharp gains for big tech companies that extended into late trading. Nvidia Corp. surged 13% during the main session while Meta Platforms Inc.

In Asia, economic data due for release Thursday includes Australian trade, Indonesia inflation and the China July Caixin manufacturing PMI. Given markets were already fully priced for a September cut, neither the Fed’s statement nor Powell’s remarks dramatically changed the rate path into the bond market, according to Tiffany Wilding at Pacific Investment Management Co.

Dmytro Lubinets urged Russia to uphold the Geneva Convention on war practices after the death of Oleksandr Ishchenko, one of 22 Ukrainian prisoners put on trial in connection with their association with the regiment. Azov is banned as a terrorist organisation in Russia. Trump rally in New Holland Arena sees his return to state for first time since assassination attempt against him after appearing at the National Association of Black Journalists Convention in Chicago earlier todayThis stylishly revamped William Hefner-designed and Sally Breer-decorated home in the historic Hancock Park neighborhood of Los Angeles is now on the market for $6.75 million.

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