 Asian markets are maintaining a risk-on tone today, despite the lackluster US market performance overnight. Sentiment remains buoyed by China’s recent monetary stimulus measures, even as doubts linger about their overall effectiveness due to the absence of significant fiscal support. Nevertheless, stocks in Hong Kong and China continue to trade higher. In Japan, Nikkei is benefiting from Yen weakness, which further extended after BOJ minutes revealed a deeply divided board on future tightening measures. Dollar bounced back strongly after dipping through July’s lows against Euro. However, this rebound seems driven more by quarter-end flows rather than a meaningful shift in market sentiment. Investors are also waiting on comments from key Fed officials today, including Chair Jerome Powell and New York Fed President John Williams. Yet, it's unlikely that these speeches will offer any fresh insights into November's rate cut plans. While today's jobless claims and durable goods orders, along with tomorrow's PCE inflation data, may cause minor market fluctuations, the primary focus is on next week's non-farm payrolls report as the fourth quarter begins..... |
