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Asian stocks cheer upbeat data but temper appetite ahead of Fed | Malay Mail

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SHANGHAI, Sept 16 — Most Asian shares rose today, extending a rally driven by upbeat Chinese and US economic data, but the US dollar, US yields and gold held steady as investors awaited the Federal Reserve's view on the economy at its policy meeting. Following robust industrial output and retail...

Japan's Nikkei erases early losses and is last up 0.14 per cent as most Asian shares rise today. — AFP pic

“The risk is if we see no new developments since his Jackson Hole shoutout, this could have near-term pressure on yields ticking up, gold and precious metals complex lower, dollar higher and general risk-off in US equities,” said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.5 per cent higher. Australian shares gained 0.74 per cent and Taiwan's tech-heavy board added 1.16 per cent.

“There is some expectation that with the US Congress unwilling/unable to agree to a new fiscal package, monetary policy may need to step in to fill the void,” NAB analyst Tapas Strickland said in a note. “Accordingly markets will be focused on any changes to forward guidance and to any balance sheet adjustments.”E-mini futures for the S&P 500 were up 0.1 per cent today after US stocks ended off their session highs, with the Dow industrials closing little changed.

The euro was down less than 0.1 per cent to buy US$1.1838, while the dollar index, which tracks the greenback against a basket of six major rivals, was treading water at 93.092.

 

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