Asia stocks edge up with new Fed rate decision November 1, 2022 Asian stocks rise with new Fed rate decision<br /> 01 November 2022 Creation time: 09:13 AM Last update: 09:13 AM Views: 53 Hong Kong, Nov 1 (BNA): Asian stocks rose and bond yields consolidated in early trade despite minor losses from Wall Street overnight as investors turned their focus to this week’s Federal Reserve monetary policy meeting for hints on what’s coming next. The central bank is sure to raise interest rates by 75 basis points on Wednesday, but investors will be looking for any signs that the Federal Reserve may consider a slowdown in rate hikes in the future, Reuters reported. Aside from the Fed rate decision, the market will also focus on Friday’s US jobs data, Chinese economic activity data this week and the Reserve Bank of Australia meeting on Tuesday. “It was a mixed start for risky assets with the start of a big week of central bank decisions,” ANZ analysts said in a note. Early in the Asian trading day, the broadest MSCI index of Asia-Pacific shares outside Japan rose 0.7%. US stock futures rose 0.2%. Australian shares rose 0.65% as the mining index led the gains, while Japan’s Nikkei rose 0.95%. China’s benchmark CSI300 index is up 0.51% in early trade. Hong Kong’s Hang Seng Index opened 1.52% higher. US stocks fell on Monday, with major indexes ending a solid month of gains on a weaker foot. The Dow Jones Industrial Average fell 0.39%, the S&P 500 lost 0.75% and the Nasdaq Composite fell 1.03%. Hopes that the Federal Reserve would reverse its aggressive rate hike policy lifted US stocks last month as the Dow jumped 13.95%, the S&P 500 rose 7.99% and the Nasdaq rose 3.9%. The two-year yield, which rose as traders expected an increase in the federal funds rate, came to 4.4803% compared to the US close of 4.501% on Monday. The yield on the benchmark 10-year Treasury bond settled at 4.0478% compared to its US close at 4.077%. In currencies, the dollar settled against the struggling Japanese yen at 148.69 yen and rose to $0.98905 per euro early in the Asian session. On Monday, Japan’s Finance Ministry said it spent a record $42.8 billion on currency intervention last month to prop up the yen. In the energy market, oil prices fell as investors expected an increase in US production. US crude fell 0.59 percent to $86.02 a barrel. Brent crude fell to $92.41 a barrel. Gold was a little higher. Spot gold was trading at $1633.35 an ounce. SM Source link Related READ MORE Pound plunge the latest ill omen as stocks slide
01 November 2022 Creation time: 09:13 AM Last update: 09:13 AM Views: 53 Hong Kong, Nov 1 (BNA): Asian stocks rose and bond yields consolidated in early trade despite minor losses from Wall Street overnight as investors turned their focus to this week’s Federal Reserve monetary policy meeting for hints on what’s coming next. The central bank is sure to raise interest rates by 75 basis points on Wednesday, but investors will be looking for any signs that the Federal Reserve may consider a slowdown in rate hikes in the future, Reuters reported. Aside from the Fed rate decision, the market will also focus on Friday’s US jobs data, Chinese economic activity data this week and the Reserve Bank of Australia meeting on Tuesday. “It was a mixed start for risky assets with the start of a big week of central bank decisions,” ANZ analysts said in a note. Early in the Asian trading day, the broadest MSCI index of Asia-Pacific shares outside Japan rose 0.7%. US stock futures rose 0.2%. Australian shares rose 0.65% as the mining index led the gains, while Japan’s Nikkei rose 0.95%. China’s benchmark CSI300 index is up 0.51% in early trade. Hong Kong’s Hang Seng Index opened 1.52% higher. US stocks fell on Monday, with major indexes ending a solid month of gains on a weaker foot. The Dow Jones Industrial Average fell 0.39%, the S&P 500 lost 0.75% and the Nasdaq Composite fell 1.03%. Hopes that the Federal Reserve would reverse its aggressive rate hike policy lifted US stocks last month as the Dow jumped 13.95%, the S&P 500 rose 7.99% and the Nasdaq rose 3.9%. The two-year yield, which rose as traders expected an increase in the federal funds rate, came to 4.4803% compared to the US close of 4.501% on Monday. The yield on the benchmark 10-year Treasury bond settled at 4.0478% compared to its US close at 4.077%. In currencies, the dollar settled against the struggling Japanese yen at 148.69 yen and rose to $0.98905 per euro early in the Asian session. On Monday, Japan’s Finance Ministry said it spent a record $42.8 billion on currency intervention last month to prop up the yen. In the energy market, oil prices fell as investors expected an increase in US production. US crude fell 0.59 percent to $86.02 a barrel. Brent crude fell to $92.41 a barrel. Gold was a little higher. Spot gold was trading at $1633.35 an ounce. SM
