Asian Stocks Look Mixed Ahead of Key US Indicators: Markets Wrap

-- Asian futures pointed to mixed equity trading on Tuesday, following a subdued session on Wall Street as investors position for this week’s Federal Reserve decision and key inflation data.Investment Bank Moelis Probes Incident After Video of Employee Appearing to Punch WomanStocks Eke Out Gains in Fed Run-Up as Euro Falls: Markets WrapTokyo stocks are set to gain, while those in Sydney may slide. Hong Kong and Australia markets are reopening Tuesday after public holidays.

“The interest-rate guessing game goes on,” said Chris Larkin at E*Trade from Morgan Stanley. “Even the friendliest inflation numbers probably won’t push the Fed to act any sooner than September.” In Asia, traders are digesting Monday’s data that showed Japan’s gross domestic product shrank at an annualized pace of 1.8% in the three months through March. The figures showed both consumers and companies cutting back on spending and unsold supplies building up on warehouse shelves as the strongest inflation trend in decades continues to crimp outlays in real terms.

More than 60% of respondents in the latest MLIV Pulse survey expect US stocks to outperform Treasuries on a volatility-adjusted basis next month.Activist Elliott Investment Management called for sweeping changes to Southwest Airlines Co.’s leadership to reverse what it sees as years of underperformance by one of the biggest US carriers.

Noble Corp., the world’s biggest offshore oil-rig contractor by market value, agreed to buy its smaller rival Diamond Offshore Drilling Inc. in a deal valued at $1.6 billion.

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