Stocks opened lower in South Korea after inflation accelerated much faster than estimates in August on the back of higher energy costs, reinforcing the case for the central bank to keep the door open to further policy tightening to rein in prices.
“With inflation expectations still elevated, the central bank is likely to maintain a hawkish bias — and keep it through the second half of 2023,” according to James McIntyre at Bloomberg Economics. “We see the RBA starting to cut rates in the first quarter of 2024.” Traders will be monitoring if Hong Kong and mainland China stock markets will be able to sustain Monday’s advances. The country’s beleaguered property sector is getting a boost from the announcement that down-payment thresholds across the nation would be lowered, with Shanghai and Beijing seen as benefiting the most.
The dollar steadied, while Treasuries slightly lower across tenors as cash trading resumed. Australian bonds also fell ahead of the central bank’s meeting, with yield on the three-year rising two basis points and that on the 10-year up three basis points.
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