Dollar Pares Losses as the Global Stock Rally Continues – Asia Market Wrap
US and European equity-index futures rose, signalling that a record-breaking global stock boom may have more room to run as robust economic data alleviated fears about the US economy’s health.
Contracts for the S&P 500 and Nasdaq 100 rose 0.2% after both indices reached new closing highs on Thursday. Futures in Europe increased 0.4%. Asian stocks rose 0.4% as TSMC ended at a new high on an optimistic outlook that increased confidence in AI spending. Japanese markets plummeted, as did government bond yields, ahead of this weekend’s keenly awaited elections.
The Dollar reversed most of its initial losses and remained flat after Fed’s Waller said policymakers should lower interest rates this month to help a poor labour market. Treasuries increased along the curve. Cryptocurrencies increased when Congress established the first federal legislation governing stablecoins.
A White House move on US chip prohibitions, which affects Nvidia and AMD, has sparked speculation of a grand tech deal between Washington and Beijing.
According to an analyst survey, the ECB may delay its final rate cut until December without investors assuming that easing has ended.
