Asian stocks, currencies rise on US rate cut wagers
Taiwan stocks jump 1.9% to record high
Taiwanese dollar, South Korean won gain 0.2%, each
Malaysia and South Korea policy decisions on Thursday
By Ayushman Ojha
July 8 (Reuters) -Taiwan stocks surged to a record high on Monday leading regional equities broadly higher, while currencies gained on the dollar as investors firmed up expectations the Federal Reserve will cut interest rates in September.
A U.S. inflation report due later in the global day could bolster easing expectations as headline inflation is forecast to slow.
MSCI's index tracking equities in emerging markets .MSCIEF was up 0.5% hovering at its highest since April 2022. It had jumped 1.7% last week. Trading was thin on Monday as financial markets in Malaysia were closed.
Taiwan shares .TWII rose as much as 1.9% boosted by a global tech rally, with TSMC 2330.TW, the world's largest contract chipmaker and major supplier to Apple AAPL.O hitting an all-time high.
On a macro side, data on Friday showed Taiwan's June inflation came in slightly higher-than-expected.
In the Philippines, shares .PSI were up as much as 0.7%, while Thai stocks .SETI added as much as 0.4%.
Globally, investors await U.S. Federal Reserve Chair Jerome Powell's address before Congress on Tuesday and Wednesday, and the crucial consumer price report on Thursday, to assess the timing of a rate cut.
In Asia, interest rate decisions from South Korea and Malaysia are due on Thursday, where expectations are for a hold for now.
"The market is eyeing a cut (by Bank of Korea) as early as August, but we believe it is still conditional as the forex level remains a concern, and housing prices (have) started to rise again," analysts at Barclays said.
Recent inflation data from countries such as Thailand and the Philippines have shown an easing trend, giving some leeway to the central banks to cut rates.
The Bangko Sentral ng Pilipinas (BSP) has more scope to cut interest rates at its next meeting in August after annual inflation slowed in June, its governor Eli Remolona said.
Elsewhere, South Korean .KS11 shares inched 0.2% higher, while Singapore stocks .STI lost 0.2%.
Regional currencies inched higher as the greenback remained on the back foot following surprisingly soft U.S. payrolls data on Friday, suggesting the Fed could start cutting interest rates as early as September.
Markets are now pricing in 76% odds for a rate cut in September, up from 64% a week ago. FEDWATCH
The Taiwan dollar TWD=TP, the South Korean won KRW=KFTC and the Indonesian rupiah IDR= gained 0.2%, each.
The Thai baht THB=TH inched 0.1% higher, while the Singapore dollar SGD= and the Philippine peso PHP= were largely flat.
Markets are also awaiting China's inflation data on Wednesday and advanced gross domestic product estimates from Malaysia on Friday.
HIGHLIGHTS:
** China's central bank tweaks liquidity operations amid strong bond demand
** Prabowo's free-meal plan stirs investor fears about Indonesia's finances
** Vietnam targeting Q3 GDP growth of 6.5%-7.0%, inflation below 4.5%, PM says
Asia stock indexes and currencies at 0511 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.12 | -12.12 | .N225 | 0.08 | 22.36 |
China | CNY=CFXS | -0.01 | -2.36 | .SSEC | -0.53 | -1.37 |
India | INR=IN | +0.05 | -0.28 | .NSEI | -0.08 | 11.84 |
Indonesia | IDR= | +0.18 | -5.23 | .JKSE | -0.06 | -0.33 |
Malaysia | MYR= | - | -2.49 | .KLSE | - | 10.75 |
Philippines | PHP= | +0.01 | -5.35 | .PSI | 0.66 | 1.33 |
S.Korea | KRW=KFTC | +0.18 | -6.59 | .KS11 | 0.07 | 7.87 |
Singapore | SGD= | +0.05 | -2.12 | .STI | -0.22 | 5.03 |
Taiwan | TWD=TP | +0.23 | -5.14 | .TWII | 1.67 | 33.57 |
Thailand | THB=TH | +0.12 | -6.13 | .SETI | 0.26 | -7.09 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reporting by Ayushman Ojha in Bengaluru; Editing by Jacqueline Wong
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.