Asian shares hit two-week high on prospects for Fed pause

Singapore, Aug. 30 (BNA): Asian equities rose on Wednesday for a third straight day to their highest in two weeks, while the dollar wobbled as weak U.S. labour data bolstered bets that the Federal Reserve was likely done with its interest rate hikes.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose as much as 1% to touch its highest since Aug. 14, before easing to a gain of 0.53%. The index though is down about 6% so far in August and set for its worst monthly performance since February.

 

Futures indicated the exuberant mood was set to continue in Europe. The Eurostoxx 50 futures rose 0.39%, German DAX futures were up 0.29% and FTSE futures were up 0.31%.

 

Inflation reports from Germany and Spain due later in the day will test investors’ risk appetite and set the stage for euro zone consumer price data on Thursday.

 

Overnight, Wall Street ended sharply higher, while Treasury yields slid to three-week lows after data showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures, Reuters reported.

 

Futures indicated the exuberant mood was set to continue in Europe. The Eurostoxx 50 futures rose 0.39%, German DAX futures were up 0.29% and FTSE futures were up 0.31%.

 

Inflation reports from Germany and Spain due later in the day will test investors’ risk appetite and set the stage for euro zone consumer price data on Thursday.

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Overnight, Wall Street ended sharply higher, while Treasury yields slid to three-week lows after data showed U.S. job openings dropped to the lowest in nearly 2-1/2 years in July, signalling easing labour market pressures.

 

 


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