Asia shares set for five-month winning streak; yen slides

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SINGAPORE: Asian stocks were on track for a fifth straight month of gains on Friday, bolstered by a growing view that cooling U.S.inflation could prompt the Federal Reserve to ease rates this year, while the yen tumbled to a 38-year low against the dollar.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.35% and was on track to gain more than 3% for the month, its best performance since February.

Traders are now pricing in a 64% chance of a first Fed cut in September, up from 50% a month ago, according to the CME FedWatch tool, though analysts said those expectations could be derailed if Friday's core PCE figures surprise to the upside.

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Category: EconomyBusiness

Markets: MalaysiaAustraliaChinaFranceHong KongJapanSingapore

Topics: Yen Inflation Federal Reserve US dollar /Business/Business News Interest rates MSCI Markets Asian

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-28 @ 14:29:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 912 words

Reading Time: 6 minutes read

Sentences: 35 lines

Sentence Length: 27 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21407999

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