Asian stocks inch ahead as traders brace for inflation data

Singapore, Nov. 28 (BNA): Asian stocks edged higher on Tuesday, while the dollar was at its lowest in three months as investors remained convinced the Federal Reserve was done with its rate-hike cycle and looked ahead to a crucial inflation report later this week.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.39% higher and set for a near-7% gain in November, its strongest monthly performance since January, Reuters reported.

 

Japan’s Nikkei eased 0.20% but is up 8% this month, on course for its strongest monthly performance in three years.

 

Markets are pricing in a 96.8% likelihood that the U.S. central bank will leave interest rates unchanged next month, with the possibility of a rate cut starting to gain ground in mid-2024, according to CME’s FedWatch tool.

 

Investors will focus this week on the Fed’s preferred measure of inflation on Thursday and euro zone consumer inflation figures for further clarity on where inflation is headed.

 

 

JA