Asian stocks waver after tech earnings, yen at seven-week high

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The Star 2h ago

Asian stocks waver after tech earnings, yen at seven-week high - The Star

Quick Summary:

SINGAPORE: Asian stocks fell on Wednesday after lacklustre earnings from U.S.tech behemoths Tesla and Alphabet dented risk appetite, while the yen surged to a seven-week high ahead of a central bank meeting next week where a rate hike remains on the table.

The bouts of intervention have led speculators to unwind popular and profitable carry trades, in which traders borrow the yen at low rates to invest in dollar-priced assets for a higher return.

GDP data on Thursday and PCE data - the Fed's favoured measure of inflation - on Friday to gauge the expectations of interest rate cuts this year.