Looking local as US macro, Nvidia shadows linger
By Jamie McGeever
Aug 28 (Reuters) -A look at the day ahead in Asian markets.
The mood across Asian markets on Wednesday is likely to be one of caution, for two main reasons that should keep markets in relatively narrow ranges - lingering concern over the health of the U.S. economy, and Nvidia's earnings later in the day.
U.S. and world stocks climbed higher on Tuesday but only slightly, while the dollar dipped again and Treasury yields were little-changed across the curve. None of that offers investors in Asia much to run with on Wednesday.
Given the lack of obvious global catalysts, regional events may take on added weight on Wednesday.
Bank of Japan Deputy Governor Ryozo Himino is scheduled to speak. This follows BOJ Governor Kazuo Ueda's first public remarks last week since the central bank's 'hawkish hike' in July.
Ueda's tone on Friday was also hawkish, indicating that current rates are still well below 'neutral'. This strengthens the case for further tightening this year beyond the mere 7 basis points of hikes rates markets are currently discounting.
The main economic indicator across the Asia/Pacific region on Wednesday will be Australian inflation. Economists polled by Reuters expect annual weighted consumer price inflation to have slowed to 3.4% in July from 3.8% in June.
That would be the lowest since February and closer to getting inflation back in the central bank's 2%-3% target range for the first time since 2021. The Reserve Bank of Australia has held its cash rate at 4.35% since November last year, and last cut rates nearly five years ago.
The Aussie swaps market shows no rate cut is fully priced until December, with 100 bps of easing in total expected by the end of next year.
Thailand's deputy finance minister Julapun Amornvivat and central bank governor Sethaput Suthiwartnarueput, meanwhile, both speak at a business seminar on Wednesday. This comes amid continued friction between the government and central bank over the path for interest rates.
The Bank of Thailand last week left rates on hold at 2.50% for a fifth meeting. But newly-sworn in Prime Minister Paetongtarn Shinawatra has called central bank independence an "obstacle" to economic growth, and her predecessor repeatedly called for rates to be cut.
Despite being an extremely low-yielding currency, the Thai baht has rallied strongly in recent weeks, perhaps because of the central bank's refusal to cut rates just yet. It is now the only one of seven key Asian currencies to be up against the U.S. dollar so far this year.
Indeed, if there is one discernible global driver for investors in Asia on Wednesday it is the U.S. dollar's persistent weakness, as the currency slipped to a fresh low for the year against a basket of major currencies.
Here are key developments that could provide more direction to Asian markets on Wednesday:
- Australia inflation (July)
- BOJ Deputy Governor Ryozo Himino speaks
- Bank of Thailand Governor Suthiwartnarueput speaks
Thai baht best performing Asian FX this year https://tmsnrt.rs/4cGF49B
Aussie dollar, inflation & interest rates https://tmsnrt.rs/3Z1wvmr
Reporting by Jamie McGeever
Actifs liés
Dernières actualités
Avertissement : Les entités de XM Group proposent à notre plateforme de trading en ligne un service d'exécution uniquement, autorisant une personne à consulter et/ou à utiliser le contenu disponible sur ou via le site internet, qui n'a pas pour but de modifier ou d'élargir cette situation. De tels accès et utilisation sont toujours soumis aux : (i) Conditions générales ; (ii) Avertissements sur les risques et (iii) Avertissement complet. Un tel contenu n'est par conséquent fourni que pour information générale. En particulier, sachez que les contenus de notre plateforme de trading en ligne ne sont ni une sollicitation ni une offre de participation à toute transaction sur les marchés financiers. Le trading sur les marchés financiers implique un niveau significatif de risques pour votre capital.
Tout le matériel publié dans notre Centre de trading en ligne est destiné à des fins de formation / d'information uniquement et ne contient pas – et ne doit pas être considéré comme contenant – des conseils et recommandations en matière de finance, de fiscalité des investissements ou de trading, ou un enregistrement de nos prix de trading ou une offre, une sollicitation, une transaction à propos de tout instrument financier ou bien des promotions financières non sollicitées à votre égard.
Tout contenu tiers, de même que le contenu préparé par XM, tels que les opinions, actualités, études, analyses, prix, autres informations ou liens vers des sites tiers contenus sur ce site internet sont fournis "tels quels", comme commentaires généraux sur le marché et ne constituent pas des conseils en investissement. Dans la mesure où tout contenu est considéré comme de la recherche en investissement, vous devez noter et accepter que le contenu n'a pas été conçu ni préparé conformément aux exigences légales visant à promouvoir l'indépendance de la recherche en investissement et, en tant que tel, il serait considéré comme une communication marketing selon les lois et réglementations applicables. Veuillez vous assurer que vous avez lu et compris notre Avis sur la recherche en investissement non indépendante et notre avertissement sur les risques concernant les informations susdites, qui peuvent consultés ici.
