Asian markets set to follow US gains as economic data is released.
According to Bloomberg, Asian equities are expected to follow the rising trend of US stocks on Thursday, boosted by bullish indications from Wall Street. Australian and New Zealand yields fell early Thursday, matching a gain in US Treasuries. The US 10-year yield fell 11 basis points to 4.03%, the lowest level since February, contributing to the yen’s advance. The Japanese yen held steady in early Thursday trading.
In Asia, significant economic statistics planned for release on Thursday include Australian trade figures, Indonesian inflation data, and China’s July Caixin manufacturing PMI. In the commodity market, West The Texas Intermediate crude oil price increased by 4.3% on Thursday, the largest daily increase in over two years. Gold prices remained stable after climbing on Wednesday. The Federal Reserve’s statement, including Chairman Jerome Powell’s acknowledgement of labour market risks, is expected to reinforce expectations among economists and investors.Interest-rate swaps show that traders are still expecting a quarter-point decrease in September, with a total of about 70 basis points of reductions for the year. David Russell of TradeStation stated that the impending jobs statistics on Friday and the Consumer Price Index (CPI) in two weeks are critical. Positive results from these data points may lead to clearer messaging from Powell at the Jackson Hole conference in late August.
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source : Binance