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Asian stocks mixed, dollar strong as investors consider Fed meeting

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Asian stocks had a mixed day on Tuesday, and the dollar held near multi-week highs ahead of a much-anticipated Federal Reserve policy meeting, which investors are watching for clues of any changes in the outlook for monetary policy American.

The Japanese Nikkei (.N225) rose 1.05% and the Australian benchmark (.AXJO) rose 0.93%, but Chinese blue chips (.CSI300) fell 0.97%.

This left the largest MSCI Asia-Pacific equity index outside of Japan (.MIAPJ0000PUS) flat.

Chinese markets were closed for a public holiday on Monday, meaning it was their first response to a joint statement by Group of Seven leaders who had berated Beijing over a series of issues that China has called blatant interference in the internal affairs of the country. Read more

However, futures have indicated that the European and US markets will open higher. US equity futures rose 0.16%, Euro Stoxx 50 futures rose 0.39% and FTSE futures rose 0.31%.

“We still get the markets to react positively to the lower volatility in bond markets and lower yields, and the feeling that inflation will be reasonably temporary so the Fed doesn’t have to snap the breaks,” Kyle said. Rodda, Market Analyst at IG Brokerage.

“I suspect that in the next 24-48 hours we will see a lot of choppy water, first on the rise, then a small correction as the market positions itself, and then we go for the races if we get the green light from the Fed on Thursday morning, ”added Rodda.

The two-day meeting begins on Tuesday, with a final statement released after the meeting closed on Wednesday.

Traders around the world are looking for clues as to whether and when the Fed plans to cut its bond buying program, amid concerns by some about inflation as the US economy rebounds from the fallout of the pandemic. Read more

“Now Chinese domestic investors are more and more aware of the global situation. Ten years ago they paid no attention to the rhetoric of the Fed chairman, but today it is really a key issue. “said Qi Wang, CEO of asset manager MegaTrust Investment (HK).

Nearly 60% of economists in a Reuters poll expect a cutback announcement in the next quarter, despite a patchy job market recovery. Read more

“While no immediate change in monetary policy is expected, an increase from FOMC members who believe rates will have to rise in 2023 is expected,” ANZ analysts wrote in a note to clients.

“If three more members apply a rate hike for 2023, that would tip the majority in favor of a rate change fairly quickly,” they said.

A STRONG DOLLAR

In the foreign exchange markets, the dollar maintained its gains against the major currencies. The dollar index was at 90.475, not far from the top of its recent range.

Retail sales and industrial production data expected later Tuesday could trigger modest dollar volatility, CBA analysts wrote in a research note.

Against the strong dollar, spot gold edged down to $ 1,862.21 per ounce.

Benchmark 10-year yields were 1.4838%, little change from Monday, when they rebounded from Friday’s three-month low.

On the commodity side, US crude rose 0.38% to $ 71.15 per barrel. Brent crude rose to $ 73.15 a barrel as talks dragged on over the United States’ re-entry into a nuclear deal with Tehran, suggesting any increase in supply from Iran is in a tailspin. time.

Even bitcoin was pretty quiet, fluctuating a bit above $ 40,000. It rose on Sunday and Monday after Elon Musk said Tesla could resume accepting payments in the world’s largest cryptocurrency at some point in the future. Read more

Our standards: Thomson Reuters Trust Principles.

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