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Asian markets track Wall St down as Fed looms

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Asian Market News

Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after fresh US data dealt another blow to hopes the Federal Reserve will cut interest rates this year.

Pedestrians walk past an electronic board displaying the exchange rate of the Japanese yen against the US dollar along a street in Tokyo on April 25, 2024.HONG KONG, China —

That will be followed by closely watched non-farm payrolls figures that should provide a fresh snapshot of the labour market, which has so far remained resilient to the high rates environment. The wage "data delivers a straightforward message: the US economy isn't showing signs of rapidly slowing inflation", said SPI Asset Management's Stephen Innes.

"Public holidays in China and parts of Europe will thin markets slightly, and there's likely to be a level of risk aversion in Asian trade today going into the decision," Capital.com analyst Kyle Rodda said. While some stability has returned, traders remain on edge for any wild movements, with observers warning more were likely owing to the vast difference between the Bank of Japan's loose monetary policy and that of other central banks.Oil prices slipped on hopes for a ceasefire in Gaza as top US diplomat Antony Blinken on Tuesday urged Hamas to accept a truce offer.

 

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Asian Markets Fluctuate as Traders Assess Fed's Interest Rate CutAsian markets are experiencing fluctuations as traders consider the possibility of the Federal Reserve cutting interest rates this year following a better-than-expected US jobs report. Wall Street's positive reaction to the report has shifted focus to the economy's strengths rather than the implications for monetary policy. However, concerns arise that the strong job figures may hinder the Fed's plan to cut rates three times in 2024.
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