Asian stocks rise on Fed rate cut expectations, yen weakens

From Yahoo: 2024-05-05 22:14:00

Asian stocks rose on Monday as investors bet on Fed rate cuts this year. Yen weakened after surge last week from suspected Tokyo intervention. MSCI’s Asia-Pacific index rose 0.5%, while China’s blue-chip index gained 1.4%. Offshore Chinese shares surged last week. Hang Seng Index up 4.7%, Golden Dragon China Index up 5.5%. Offshore and onshore yuan lower at 7.2013 and 7.2009 per dollar. Chinese markets rebounded on support for the economy with monetary and fiscal policies. Broad market rally got boost from cool U.S. nonfarm payrolls report. Dollar steady, euro at $1.0766, sterling at $1.2551. Cash U.S. Treasuries closed, futures unchanged. Traders wary of yen volatility after Japanese intervention. Yen at 153.62 per dollar after spikes last week. Leaders of South Korea, Japan, and China warned of exchange market volatility. Brent and U.S. crude futures up, gold at $2,307.15 an ounce.



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