Asian stocks are set for a cautious open Monday after a slew of worse than expected Chinese economic activity data landed over the weekend.
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Stocks kicked off a crucial few days with muted moves, as S&P 500 futures kept to a narrow range. Apple Inc. dragged tech shares lower in the premarket as some analysis of iPhone 16 pre-orders suggested weaker demand. There was little reaction in markets to the news of a second assassination attempt on former President Donald Trump.
For Joyce Chang, chair of global research at JPMorgan, the Fed has scope to make the bigger move and doing more now would probably send the right signal. “If the labor data weaken from here, markets can trade with a risk-off tone regardless of whether the Fed’s first move is 25 or 50 basis points,” Morgan Stanley’s Mike Wilson wrote in a note. On the other hand, if jobs were to strengthen, a series of 25 basis-point reductions into mid-2025 could prop up equity valuations further, he said.
“The communication from the BOJ will be critical to let market participants know exactly, as clear as they can be, what the next move and the particular timings of the next moves will be,” Katrina Ell, director of economic research Moody’s Analytics, told Bloomberg Television.
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