(Bloomberg) -- Stocks in Asia were headed for early gains after a tech rally lifted Wall Street as traders looked beyond elevated core US inflation to...
-- Stocks in Asia were headed for early gains after a tech rally lifted Wall Street as traders looked beyond elevated core US inflation to imminent rate cuts next week.Equity futures for Japan , Australia and Hong Kong all advanced, with gauges in Tokyo partly reflecting strength in the yen. The Japan ese currency climbed as high as 140.71 per dollar on Wednesday, wiping out its losses for the year. The S&P 500 closed 1.1% higher, while the Nasdaq 100 rose 2.2%. Nvidia Corp . gained 8.
“This isn’t the CPI report the market wanted to see,” said Seema Shah at Principal Asset Management. “The number is certainly not an obstacle to policy action next week, but the hawks on the committee will likely seize on today’s CPI report as evidence that the last mile of inflation needs to be handled with care and caution.”
“The firmer-than-expected core inflation print will make it harder for Jerome Powell to deliver a 50 basis-point cut in September,” said Krishna Guha at Evercore. “We continue to think a starter 50 basis-point cut is the right play and might even now win out. But the odds have moved against this, and risks to markets and the soft landing are higher as a result.”
ATLANTA — A Georgia state court judge on Wednesday disqualified independent presidential candidate Cornel West from running for president in the state, ruling that West's electors didn't file the proper paperwork.
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