From Business Standard: 2024-06-02 22:41:27

Asian markets rose as investors anticipate rate cuts from the European Central Bank and Bank of Canada, with potential easing also from the Bank of Canada. However, a high Euro zone inflation reading tempered hopes for rapid reductions, with markets expecting 55 basis points of easing this year. The Fed is not expected to move until September.

Global equities benefited from the prospect of lower borrowing costs, despite disappointing economic news from China. The MSCI’s Asia-Pacific index gained 0.3%, with Japan’s Nikkei rising 1.0%. Indian markets await election results, while Wall Street closed May positively. The dollar stood at 157.15 yen, while gold held steady at $2,326 an ounce.

Oil prices initially eased after OPEC+ agreed to extend most oil output cuts into 2025, with some unwinding starting in October 2024. Brent dipped to $80.85 a barrel, and US crude fell to $76.77 per barrel.



Read more at Business Standard: Asia stocks rise on rate cut hopes, better-than-expected China’s PMI data | News on Markets