Asian stocks rose on Friday and were poised for a solid end to August while the dollar was staring at its worst monthly performance in nine months, on the...
SINGAPORE - Asian stocks rose on Friday and were poised for a solid end to August while the dollar was staring at its worst monthly performance in nine months, on the view that the Federal Reserve is all but certain to cut interest rates next month.
Solid growth and resilience in the world's largest economy trumped investors' disappointment on Nvidia's underwhelming results, which had sent global technology stocks falling. The volatility was further exacerbated by the unwinding of yen-funded carry trades in the wake of the Bank of Japan's unexpected rate hike, leading to a massive selloff in global stocks on Aug. 5 that was reminiscent of the October 1987's "Black Monday".
Markets have priced in about 100 basis points worth of easing by the end of the year, with about a 32.5% chance of an outsized 50bp cut in September.Against the yen, the greenback last stood at 144.78 and was set to lose more than 3% for the month, as pressure eases on the Japanese currency on the prospect of narrowing interest rate differentials.
In commodities, oil prices edged slightly higher as investors weighed supply concerns in the Middle East against signs of weakened demand.
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