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Asia Stocks Face Mixed Open With Focus on Rates: Markets Wrap

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(Bloomberg) -- Asian stocks are poised for a mixed opening, reflecting Wall Street’s cautious start to a week with rate decisions by major central banks that will likely set the tone for global markets for the rest of the year.Most Read from BloombergHow Auto Executives Misread the UAW Ahead of Historic StrikeVegas’ Newest Resort Is a $3.7 Billion Palace, 23 Years in the MakingUS Marines Pause Flights as the Search Continues for Lost F-35Trillion-Dollar Industry Powering Chicago at Risk of Leavi

Futures in Japan and Australia point to marginal declines, while Hong Kong shares may edge higher. Stocks, bonds and the dollar saw small moves on Monday, with the S&P 500 closing near 4,450. Brent oil pared gains after almost hitting $95 a barrel earlier in the session in a move that added to inflation concerns.

The Fed will probably continue to sound hawkish, with one remaining hike still penciled in for 2023 and the prospect of very slow easing, according to David Kelly, chief global strategist at JPMorgan Asset Management. Still, while policymakers may plan for a gentle drop in rates, there’s risk of an economic downturn that would trigger much more rapid easing, he noted.

Meanwhile, oil’s ascent into overbought territory leaves the market vulnerable to a correction. Earlier in the session, crude dropped more than $1 after Saudi Aramco CEO Amin Nasser lowered the company’s long-term demand outlook and Saudi Energy Minister Prince Abdulaziz bin Salman said “the jury is still out” on China consumption.

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