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Business News/ Markets / Stock Markets/  Asian Stocks Rise After US Gains, China Support: Markets Wrap
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Asian Stocks Rise After US Gains, China Support: Markets Wrap

Asian stocks were mostly higher in early trading after US equities notched a fresh record amid resilient corporate earnings and as China took steps to shore up its property market.

Asian Stocks Rise After US Gains, China Support: Markets WrapPremium
Asian Stocks Rise After US Gains, China Support: Markets Wrap

Asian stocks were mostly higher in early trading after US equities notched a fresh record amid resilient corporate earnings and as China took steps to shore up its property market. 

Equities in Australia and Japan rose, and futures for Hong Kong pointed to early gains on Monday. US stock futures also edged higher after the benchmark S&P 500 Index climbed on Friday and the Dow Jones Industrial Average closed above 40,000 for the first time.

Traders on Monday will be looking to China following Beijing’s attempt to rescue the nation’s beleaguered property market, even as concerns linger that the measures may be too small. The recent rally in China stocks has spilled over into Asian shares, with the MSCI Asia Pacific Index having climbed for six straight days, matching its longest win streak this year. 

Market participants will be on the lookout for any market impact after a helicopter carrying Iranian President Ebrahim Raisi crashed in dense fog. Oil fell in early trading. 

Bloomberg’s dollar index was little changed on Monday, after dropping last week, as traders finessed bets on the Federal Reserve outlook after inflation in April eased more than economists expected. A chorus of Fed officials are due to speak this week, including Governor Christopher Waller who is set to talk specifically about the US economy and monetary policy.

“We continue to expect the Fed to cut rates by 50 basis points this year, with more reductions in 2025 and 2026," said Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management. “This creates a benign macro environment that is supportive of our investment recommendation for quality bonds and quality stocks."

Australian 10-year yields climbed in early Asia trading, while the yield on 10-year Treasuries was little changed. 

This week, traders will be looking to economic activity readings in Europe as well as inflation prints in the UK, Canada and Japan. Policy decisions in New Zealand, Indonesia, South Korea and Chile are also due, while Nvidia Corp. is set to report earnings.

Some key events this week: 

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.

With assistance from Richard Henderson.

This article was generated from an automated news agency feed without modifications to text.

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Published: 20 May 2024, 06:11 AM IST
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