Asia shares underpinned, dollar undermined by dovish Fed wagers

Quick Summary:

SYDNEY: Asian stocks edged up and the dollar slid on Monday after global equities enjoyed their best week in nine months on expectations the U.S.economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts.

A softer dollar combined with lower bond yields to help gold hold at $2,500 an ounce, and near an all-time peak of $2,509.69.

Analysts at Goldman Sachs cautioned that annual benchmark revisions to the jobs series are due on Wednesday which could see a large downward revision of between 600,000 and one million positions, though this would likely overstate the weakness of the labour market.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaJapanSweden

Topics: Interest rate Recession Asian /Business/Business News Nikkei Markets Equities MSCI Inflation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-19 @ 14:31:00 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 595 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 29 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22133964

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