login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Global equity/currency market update: Stocks in Asia rise, yen wobbles after volatile start to week

30 Apr 2024 8:58 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 30 Apr (Commoditiescontrol): Asian stocks inched higher on Tuesday as investors awaited a slew of economic data, corporate earnings and the U.S. Federal Reserve's policy meeting, while the yen was slightly weaker a day after suspected intervention rescued it from 34-year lows.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.36% higher, set to clock in a nearly 1% gain for the month, its third straight month of gains. Nikkei rose 1% as Japan reopened after a holiday on Monday.

China stocks were mixed in early trading with the blue-chip index easing 0.07%, while Hong Kong's Hang Seng index was up 0.5%.

This week's data releases include European inflation and U.S. labour market reports, while the Fed is due to convene on Tuesday for its two-day meeting at which it is expected to stand pat on interest rates but strike a hawkish tone.

The spotlight remains on the yen after a volatile start to the week as the Japanese currency surged to 154.40 per dollar on Monday from a fresh 34-year low of 160.245, with traders citing yen-buying intervention by authorities.

Markets had been anticipating that Japan might intervene to prop up the yen after the currency fell more than 10% against the dollar this year.

On Tuesday, the yen weakened 0.38% to 156.92 per dollar in early trading.

Japan's top currency diplomat Masato Kanda said on Tuesday that authorities were ready to deal with foreign exchange matters "24 hours", while declining again to comment on whether the finance ministry had intervened to prop up the yen a day earlier.

Investors have continually had to dial back expectations for the timing and magnitude of U.S. rate cuts this year after hotter-than-expected inflation reports, with markets pricing in a 57% chance of a rate cut in September, CME FedWatch Tool showed.

Traders are now pricing in 35 basis points of cuts in 2024, drastically lower than the 150 bps of easing priced at the start of the year.

The shifting expectations on U.S. rates have lifted Treasury yields and the dollar, dominating the currency market. Against a basket of currencies, the dollar was little changed at 105.73. The index is up over 1% in April and over 4% for the year.

Meanwhile, earnings season heats up this week with high profile results from Amazon.com and Apple .

Overnight, U.S. stocks ended higher, led by sharp gains in Tesla shares after the electric vehicle maker made progress in securing regulatory approval to launch its advanced driver-assistance program in China.

U.S. crude fell 0.18% to $82.48 per barrel and Brent was at $88.31, down 0.1% on the day. Spot gold was flat at $2,334.79 per ounce.

(By Commoditiescontrol Bureau: 09820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Global Market Update: Asian Markets Slip Despite China'...
Global Market Update: Asian Markets Slid Lower Amid Geo...
Global Market Update: Asian Stocks Slide Amid U.S.-Chin...
Global Markets Update: Gold Reaches Record High as Mark...
Global Market Update: Asian Shares Slide Amid Trump Vic...
more
Top 5 News
Small Cardamom Prices Continue to Trade Higher
ZCE Cotton And Yarn Evening Closing - 22 Jul 2024
DCE Oil Complex Evening Closing - 22 Jul 2024
Clove Prices Steady for the Past One and a Half Months
Domestic and Vietnamese Pepper Prices Remain Low Amid W...
Top 5 Special Reports
Economic Survey Highlights India's Growth Prospects and...
Weekly: ICE Sugar Futures Extend Weekly Fall As Global ...
Weekly: ICE Cotton Extends Week of Losses as US Dollar ...
Monsoon Revival Spurs Kharif Crop Sowing, Paddy and Pul...
IGC Report Forecast Rise in Global Rapeseed Production
Copyright © CC Commodity Info Services LLP. All rights reserved.