Business

Asian stocks mostly up to start week full of profits, Fed meeting

TOKYO Asian stocks were mostly higher on Tuesday as investors kept an eye on potentially market-moving reports expected later this week.

Japan's benchmark Nikkei 225 index jumped 1.3% to 38,442.28 in early trading, returning from a national holiday. Sydney's S&P/ASX 200 rose 0.3 per cent to 7,658.20. South Korea's Kospi added 0.6% to 2,703.27. Hong Kong's Hang Seng edged up 0.3% to 17,795.09, while the Shanghai Composite fell 0.1% to 3,109.62.

On Wall Street, the S&P 500 index rose 16.21 points, or 0.3%, to 5,116.17, coming off its best week since November. The Dow Jones Industrial Average gained 146.43, or 0.4%, to 38,386.09, and the Nasdaq composite gained 55.18, or 0.3%, to 15,983.08.

About a third of S&P 500 companies, including heavyweights Amazon and Apple, will report this week on the profits they made in the first three months of the year. With about half of the companies in the index having reported so far, the quarterly results were significantly better than expected.

Strong results released last week helped the S&P 500 reach its first winning week in four. Companies in the index appear on track for a third straight quarter of earnings per share growth, according to FactSet.

The stock market will need such strength after a fragile April. The S&P 500 fell as much as 5.5% during the month on signals from stubbornly high inflation forced traders to lower their expectations for when the Federal Reserve might begin easing of interest rates.

After entering the forecast of the year six or more rate cuts in 2024, traders now only expect one, according to data from the CME group.

When the Federal Reserve announces its latest policy decision on Wednesday, no one expects it to change its main interest rate, which is at its highest level since 2001. Instead, the hope is that the central bank can provide clues on the date of the first reduction in its key rate. rates could come.

This week's Fed meeting will not include the release of Fed officials' forecasts for where they see rates heading in the coming years. The last set of such forecasts, released in March, showed that the typical Fed official at the time was pencil drawing in three sections for 2024.

But Fed Chairman Jerome Powell could offer more color during his press conference following the central banks' decision. He suggested earlier this month that rates could stay high for longer because the Fed awaits further evidence that inflation is moving sustainably toward its 2% target.

A report released to Wall Street on Friday could further change policymakers' outlook. Economists expect Friday's jobs report to show that hiring among U.S. employers slowed in April and worker wage growth remained relatively stable.

The hope on Wall Street is that the labor market will remain strong enough to help the economy avoid a recession, but not so strong as to fuel upward pressure on inflation.

On the bond market, the yield on 10-year Treasury bills fell to 4.61% from 4.67% Friday evening.

In energy trading, benchmark U.S. crude fell 19 cents to $82.44 a barrel. Brent crude, the international standard, lost 9 cents to $88.31 a barrel.

In currency trading, the U.S. dollar rose to 156.95 Japanese yen from 156.28 yen. The euro costs $1.0711, up from $1.0725.

Sources

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2/ https://www.ksat.com/news/2024/04/29/stock-market-today-asian-shares-rise-cheered-by-last-weeks-tech-rally-on-wall-street/

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