Asian shares inched higher on Monday as markets wagered the Federal Reserve was done raising U.S. interest rates, and on hopes the drip feed of policy stimulus from Beijing would be enough to stabilise the Chinese economy. More policy action is also expected from Beijing, including relaxing restrictions on home buying. MSCI's broadest index of Asia-Pacific shares outside Japan inched up another 0.1%, having bounced 2.3% last week.
FILE PHOTO: An electronic board shows Shanghai and Shenzhen stock indexes in ShanghaiSYDNEY - Asian shares inched higher on Monday as markets wagered the Federal Reserve was done raising U.S. interest rates, and on hopes the drip feed of policy stimulus from Beijing would be enough to stabilise the Chinese economy.
The broader Topix jumped 3.7% last week to its highest in 33 years, helped by data showing companies made record profits in the June quarter. While the headline jobs number topped forecasts, downward revisions to the previous two months and a dip in wage growth pointed to a loosening in the labour market.
The market seemed to agree as futures now imply a 93% chance of rates staying steady this month and a 67% probability that the entire tightening cycle is over. Central banks in Canada and Australia hold their own meetings this week and both are expected to hold rates steady.
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