Asian stocks were mostly higher on Tuesday, supported by a strong Wall Street close and investor optimism about corporate earnings, while the dollar held...
SYDNEY - Asian stocks were mostly higher on Tuesday, supported by a strong Wall Street close and investor optimism about corporate earnings , while the dollar held near a two-month top, aided by bets on a smaller U.S. rate cut next month.
China's blue chips fell 0.4%, while Hong Kong's Hang Seng index slipped 0.3% as a lack of new stimulus details from Beijing left investors wanting for more. "We still like U.S. stocks and the broad AI theme as corporate earnings growth expands beyond tech. Yet fears over stretched valuations can drive brief selloffs. This calls for considering global exposure where we see cheap valuations and potential catalysts."
In the foreign exchange market, the dollar slipped 0.2% to 149.50 yen, pulling back from a 2-1/2-month high of 149.98 overnight. The euro held at $1.0906, up off the 10-week trough overnight, ahead of a rate decision from the European Central Bank on Thursday.The dollar has been buoyed by conviction the Federal Reserve will choose a smaller 25 basis point rate cut next month, rather than a 50 bp move, given the economy continues to grow without overheating.
The U.S. bond market was shut for a holiday on Monday, but cash Treasuries fell slightly in early Asia trade. Two-year Treasury yields are up 1 basis point to 3.9533%, while 10-year yields climbed 2 bps to 4.0885%. Customer Event Hosted by SmartBear in Bengaluru Empowers Developers with AI-Driven Innovations in Software Quality and Testing
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