SINGAPORE : Asian stocks rose on Tuesday as traders in Korea returned from holidays in a mood to catch up on a global bounce, while other markets held steady ahead of U.S. inflation data that will offer a crucial guide to the interest rate outlook.
S&P 500 futures were flat, as were European futures. Easing oil prices have markets optimistic that headline inflation will steady or slow in the United States, and that this can reduce the need for future interest rate hikes. U.S. crude is hovering below $90 a barrel, down nearly 30 per cent since the middle of June and roughly where it traded before Russia's invasion of Ukraine.
"Results close to expectations for the August CPI report may not change the outcome too much in terms of the market's expectation," he said. The investment banking world is also offering a counterpoint to stockmarkets' enthusiasm. Goldman Sachs is mulling job cuts, a person familiar with the plans told Reuters overnight.
Even the battered Japanese yen is having a breather at 142.57 per dollar - a bit stronger than last week's 24-year low at 144.99 with some investors closing bets on a further slide as risks of official intervention increase.