Yen Near Two Month Low on View BoJ Will Take time to Tighten – Asia Market Wrap

European equities futures nudged up as the S&P 500 finished at a new record high Friday amid optimism about further Fed interest-rate cuts. Trading in Asia was quiet as a swath of markets were closed for the Lunar New Year.

Contracts for the Euro STOXX 50 show that the benchmark is likely to extend its increase after completing Friday with a third weekly gain. The S&P 500 finished over 5,000 for the first time, after a renewed rally in major tech stocks.

Equities in Australia and New Zealand drifted lower due to a lack of regional leads, while Japan, China, and South Korea were closed for holidays.

Australian and New Zealand bonds declined, almost tracking Treasuries’ falls on Friday, which contributed two basis points to the 10-Yr yield. Cash Treasuries trading is halted in Asia due to Japan’s vacation.