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Home»Stock Market»Asian stocks muted with Fed rate cut in focus
Stock Market

Asian stocks muted with Fed rate cut in focus

September 30, 2024No Comments2 Mins Read
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On Wednesday, most Asian stocks traded within a narrow range as investors awaited the Federal Reserve meeting, where a cut in interest rates is widely expected.

Trading volumes were subdued due to holidays in Hong Kong and South Korea, while Chinese markets remained stagnant despite resuming trading after a break.

Asian markets took cues from a flat Wall Street session, with US stock index futures showing slight positivity during Asian trade.

Chinese markets remain quiet after break, sentiment negative

Chinese indexes showed minimal movement after two days of market holidays. Sentiment towards China was bearish following weak economic data, with benchmark indexes trading at lows not seen in seven months.

Investors are hopeful for stimulus measures from Beijing in response to signs of economic weakness.

Japanese stocks rise, focus on BOJ

The Japanese index performed well, with a 0.7% increase, while the added 0.2%. Investors awaited the BOJ meeting later in the week, expecting unchanged interest rates but a hawkish tone regarding future rate hikes.

Nippon Steel Corp saw a 2% rise after reports of an extension in the security review of its takeover bid for United States Steel Corporation.

Asian stocks cautious ahead of Fed rate cut

Asian markets remained stagnant in anticipation of the Fed’s rate cut announcement later in the day. The Fed is expected to signal the start of an easing cycle, which could benefit risk-driven stock markets.

Australia’s index was flat, while Indian futures pointed to a positive open. Expectations for a 25 or 50 basis point rate cut were split, with growing bets on a 50 bps cut.

Overall, the market is bracing for the Fed’s decision and the potential impact on global stock markets.

Asian cut Fed Focus muted rate stocks
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