SINGAPORE - Asian stocks wobbled on Wednesday as investors gear up for U.S. inflation data and an eagerly awaited U.S. presidential debate, while oil prices loitered around three-year lows on concerns over a weak demand outlook.
While the debate, due to start at 0100 GMT, is unlikely to sway near-term monetary policy, investors will keep an eye on whether either candidate talk about fiscal policies and plans for the economy. "If Trump is the clear winner of the debate, we expect a slightly stronger USD and higher Treasury yields," Haddad said, noting fiscal and trade policies under a Trump presidency are inflationary and could force the Fed to keep rates restrictive for longer.
While the Fed is widely expected to cut interest rates next week, the size of the rate cut is still up for debate, especially after a mixed labour report on Friday failed to provide clarity on which way the central bank could go. Brent crude futures was last 0.5% higher at $69.54 a barrel. U.S. West Texas Intermediate crude rose 0.6% to $66.16 a barrel.
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