Asian stocks rise on rate-cut wagers; spotlight on India

A man walks past an electric screen displaying Japan's Nikkei share average and the current Japanese Yen exchange rate against the U.S. dollar outside a brokerage in TokyoSINGAPORE - Asian stocks rose on Wednesday, while the dollar was steady as a softening U.S. labour market firmed up bets of an interest rate cut in September from the Federal Reserve ahead of a crucial payrolls report this week.

Data overnight showed U.S. job openings fell more than expected in April to the lowest level in more than three years, a sign that labour market conditions are softening. The dollar index, which measures the U.S. currency against six rivals, was steady at 104.14 in early trading, after touching a near two-month low of 103.99 on Tuesday.The dollar's relentless strength in the recent past will make way for minor weakness over the next 12 months, according to FX strategists in a Reuters poll, who generally agreed the dollar was overvalued.

Meanwhile, futures pointed to a subdued open for India's Nifty 50 index after sliding nearly 6% on Tuesday, their worst session in four years, with foreign investors selling roughly $1.5 billion worth of shares. Brent crude futures eased 0.1% to $77.47 a barrel, while U.S. West Texas Intermediate crude futures fell 0.12 to $73.16 a barrel.

Rep. Marjorie Taylor Greene stoked the flames of her own party’s implosion on Tuesday, calling her Republican colleagues “feckless” over their unwillingness to support her solo effort to impeach President Joe Biden. “Today, we should be voting to impeach Joe Biden, because of the invasion in the United States,” she said on Steve Bannon’s “War Room” podcast. “Oh, but no! None of that is happening up here in Washington, D.C. because Republicans continually have their head up their ass.

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