Asian shares rallied on Thursday as U.S. rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the...
TV camera men wait for the opening of market in front of a large screen showing stock prices at the Tokyo Stock Exchange in TokyoSYDNEY - Asian shares rallied on Thursday as U.S. rate cuts remained on the menu, even if their timing was unclear, while the yen slid against everything except the dollar and boosted Japanese stocks.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4%, though a holiday in China made for thinner trading conditions. The case for easing was underpinned by a survey of the U.S. services sector which showed its index of prices paid fell to the lowest since March 2020, offsetting a worrying rise in the survey of manufacturing released early this week.
Investors have also taken 100 basis points of easing out of 2025, so that rates are now seen ending next year around 4% rather than 3%. While the risk of Japanese intervention kept the dollar at 151.60 yen and shy of the 152.00 barrier, other currencies were not so inhibited and the yen fell sharply elsewhere.
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