Asian markets held their breath on Monday as investors waited to see how serious Beijing was about policy easing via widely expected rate cuts, having so far sorely disappointed with its stimulus steps. The central bank on Sunday said Beijing would coordinate financial support to resolve local government debt problems, and there have been reports it was encouraging commercials banks to lend more. Investors, however, would prefer massive fiscal spending to minor rate cuts and there is little sign of that as yet.
SYDNEY - Asian markets held their breath on Monday as investors waited to see how serious Beijing was about policy easing via widely expected rate cuts, having so far sorely disappointed with its stimulus steps.
Investors, however, would prefer massive fiscal spending to minor rate cuts and there is little sign of that as yet. The caution kept MSCI's broadest index of Asia-Pacific shares outside Japan near flat, having slid 3.9% last week to its lowest for the year so far.S&P 500 futures were 0.1% firmer, while Nasdaq futures added 0.2%. Earnings from AI-darling Nvidia on Wednesday will be a major test of valuations.
Analysts at Goldman Sachs, meanwhile, argue there is still scope for investors to add to equity positions. Markets assume Federal Reserve Chair Jerome Powell will note the jump in yields at the Jackson Hole conference this week, and the recent run of strong economic data. The Atlanta Fed's GDP Now tracker is running at a heady 5.8% for this quarter.
A majority of polled analysts think the Fed is done hiking, while futures imply around a 31% chance of one more increase by December.
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