Asian stocks were poised to gain in the wake of a U.S. advance at the end of last week when the Trump administration’s move to roll back financial regulations sparked a rally in banks. A Federal Reserve official’s nod in favor of higher rates contrasted with jobs data that provided cover for the central bank to maintain its current course.
Futures on Japanese, Australian and South Korean equities rose after the S&P 500 Index closed within a point of its all-time high. The greenback fell against the yen early on Monday, after the Bloomberg Dollar Spot Index completed a sixth weekly decline for its longest stretch of losses since August 2010. The yield on 10-year Treasury notes declined last week, after San Francisco Fed President John Williams reiterated that three rate hikes this year is a reasonable guess.
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What’s coming up for the markets:
Australia, India, New Zealand, Philippines, Thailand, and Sri Lanka central banks set monetary policy this week. China current account, trade, services PMI data is scheduled; money supply, financing and foreign direct investment reports may come Japan’s Prime Minister Shinzo Abe meets U.S. President Donald Trump at the White House Earnings include Toyota Motor, NTT, SoftBank Group, Rio Tinto, Japan Tobacco, SingTel, Nissan Motor, Fuji Heavy, Daikin Industries, Mitsubishi Estate and Mitsui & Co.
Here are the main market moves:
Contracts on the Nikkei 225 Stock Average rose at least 0.6 percent in Osaka and Singapore in the most recent trading Futures on Australia’s S&P/ASX 200 Index and South Korea’s Kospi Index each advanced 0.4 percent, while Hong Kong gauges were set to gain along with the FTSE China A50 Index. The S&P 500 climbed 0.7 percent to 2,297.42 on Friday, within a point of its all-time closing record set Jan. 25. Mitsubishi UFJ Financial Group Inc. rose 6.8 percent in New York Friday, the most since November and paving the way for gains at the Tokyo open Monday, after third-quarter profit unexpectedly rose 17 percent . The dollar fell 0.1 percent to 112.54 yen as of 7:20 a.m. Tokyo time Monday. Oil rose for a third week last week in New York, advancing 1.2 percent to $53.83 a barrel. (dan)
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