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Asia stocks gain as caution emerges
Published in Amwal Al Ghad on 13 - 06 - 2024

Asian equity markets rose on Thursday, but caution prevailed as investors digested mixed signals from the United States.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9 per cent, buoyed by gains in Taiwan up 1.7 per cent and Hong Kong up nearly one per cent.
US stock futures pointed to further gains, with S&P 500 and Nasdaq futures edging higher.
Japanese stocks, including the Nikkei edging up a meager 0.1 per cent after an initial tech-led advance fizzled. The yen also weakened slightly against the dollar.
The rally stemmed from Wednesday's positive surprise in the US Consumer Price Index (CPI) report, showing core prices growing at their slowest annual pace in over three years. This triggered a surge in Wall Street and a decline in the dollar and Treasury yields.
However, investor sentiment was dampened later as Federal Reserve officials hinted at a more hawkish stance, reducing projections for interest rate cuts this year to a single quarter-point.
The Bank of Japan (BOJ) began its two-day policy meeting, with reports suggesting they might debate a reduction in bond purchases. This news, coupled with expectations of continued dovishness, helped keep Japanese equities afloat despite the yen's weakness.
Other currency and commodity movements:
* The yen fell 0.14 per cent to 156.92 per dollar, reversing some of Wednesday's gains.
* The euro remained stable at $1.0808 after rising 0.64 per cent previously.
* The dollar index rose 0.07 per cent to 104.76, rebounding from a decline on Wednesday.
* Gold dropped 0.3 per cent to $2,315.55 per ounce.
* Crude oil prices dipped slightly due to higher US stockpiles.
* Brent crude fell 0.17 per cent to $82.46 a barrel, while WTI crude declined 0.2 per cent to $78.34. Both benchmarks had risen 0.8 per cent in the previous session.
Attribution: Reuters


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