Asia Stocks Set for Small Gains; Currencies Steady: Markets Wrap

Most major currencies were little changed in early Asian trading, with the yen steadying after sliding to its weakest this year on Friday after the Fed chief’s remarks. Bank of Japan Governor Kazuo Ueda didn’t comment on foreign-exchange rates but said price growth remains slower than the central bank’s goal.

Equity futures for Japan, Hong Kong and Australia all pointed to small gains of less than 1% following the S&P 500’s 0.7% advance Friday, when it capped its best week since July. US equity futures opened higher Monday. While Treasuries were little changed during Powell’s long-awaited speech in Jackson Hole, Wyoming, yields pushed up after it concluded as the longer-for-higher rates message appeared to sink in. The yield on two-year bonds, which are highly sensitive to the Fed’s policy shifts, are comfortably above 5% while the rate on 10-year Treasuries fluctuated near 4.2%.Powell cautioned that the process of bringing inflation back to its target “still has a long way to go.

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