Asian shares started the week by rallying two-year highs on Monday, buoyed by China's strongest measures yet to address its property crisis and by...
SINGAPORE - Asian shares started the week by rallying two-year highs on Monday, buoyed by China 's strongest measures yet to address its property crisis and by expectations for global rate cuts within weeks, while the dollar steadied after a weekly drop.
"Whether this summer continues will require more than one swallow flying, it will require the confidence of central bankers and more economic proof," said Bob Savage, BNY Mellon's head of markets strategy and insights in a note to clients. U.S. Federal Reserve Governor Michelle Bowman reiterated her view that she remains willing to hike rates should progress on taming inflation stall or reverse.
In currency markets the dollar logged its largest weekly drop on the euro in two-and-a-half months last week, but was steady in Asia morning trade on Monday. "We don't think the RBNZ will be as confident as markets are that cuts are just around the corner, and if that is the case, we may see short-end rates lift a touch this week," said analysts at ANZ Bank.
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