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Asian stocks fell for a fourth consecutive day as stronger-than-expected US jobs data dampened expectations for Federal Reserve interest-rate cuts, while oil prices surged to a four-month high following new US sanctions on Russia's oil industry. The MSCI Asia Pacific Index dropped 1.1%, with significant declines in Hong Kong, Taiwan, and South Korea, as Chinese shares continued to slide despite record export figures. Meanwhile, the dollar strengthened against major currencies, and bond yields rose in response to the shifting market dynamics.
The Bank of Japan is set to enhance its communication strategy with a rare speech by Deputy Governor Ryozo Himino on January 14, aimed at local business leaders in Yokohama. This event precedes the first policy meeting of the year and may elevate market expectations for a potential rate hike, marking a departure from past practices since 2013.
Michigan's Consumer Sentiment preliminary reading is expected to rise to 70.9 in October, while key speeches from Fed officials are anticipated. In the bond market, the 10-year U.S. Treasury yield is at 4.092%. European markets are mixed, with the Euro Stoxx 50 futures down slightly, as investors await U.S. bank earnings and updates on China's fiscal stimulus. The U.K. economy showed growth in August, while Germany's inflation eased to 1.6%. Asian markets closed mixed, with Japan's Nikkei 225 rising on investor adjustments ahead of a holiday, while China's Shanghai Composite fell amid caution over potential stimulus measures. U.S. futures are down as the market awaits crucial PPI data and bank earnings.
Ryozo Himino
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11:38 11.10.2024
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