Asian stocks decline as Japanese shares weigh on market ahead of Bank of Japan meeting

From Yahoo Finance: 2024-06-13 19:40:38

Asian stocks fell as Japanese shares dragged markets down, and the yen remained steady ahead of the Bank of Japan’s policy meeting. The Nikkei and Topix dropped, and the yen hovered around 157.10 per dollar. The BoJ is expected to consider reducing bond purchases and hold the benchmark rate between 0 and 0.1%.

Australian shares slipped, and futures in Hong Kong and mainland China indicated losses as US stock rally outside of AI names slowed. Broadcom Inc. led US chipmaker rally post solid earnings and split, while GameStop Corp. surged with support from “Roaring Kitty.” Adobe Inc. saw a 15% jump in late trading.

US producer price index reported the biggest decline in seven months, signaling moderation in inflation. Data indicating softer categories for calculating the Fed’s preferred inflation measure may prompt earlier rate cuts in September and December. JPMorgan predicts a strong market continuation in 2024, despite a slower pace, due to solid earnings and economic strength.

EU bonds suffered a setback as political risk in France widened spread with German peers. Commodities saw oil dip with cooling inflation, while gold held steady. Major events this week include the Bank of Japan’s policy decision, Chicago Fed President’s speech, and US consumer sentiment data release. Stocks remained steady, currencies mostly unchanged, and cryptocurrencies varied slightly.



Read more at Yahoo Finance: Asian Stocks Decline, Weighed by Japan Before BOJ: Markets Wrap