Asian stocks rose on Wednesday as weak US economic data boosted expectations of a Federal Reserve rate cut next month. MSCI's Asia-Pacific index climbed 1.1 per cent, while Japan's Nikkei gained 1.9 per cent and US futures added 0.3 per cent. US markets extended their rebound, with the S&P 500 and Nasdaq closing higher for a third session after soft retail sales and weaker consumer confidence strengthened bets on easier Fed policy. Fed funds futures now price an 80.7 per cent chance of a 25-basis-point cut on 10 December. Treasury yields inched up, with the 10-year at 4.01 per cent, while sterling advanced for a fifth day ahead of the UK budget. Early European futures were broadly higher. The euro edged up to $1.1586, and the dollar was steady against the yen amid signals the Bank of Japan may raise rates as early as next month. New Zealand's dollar jumped 1.3 per cent after a rate cut, and Australia's dollar strengthened on hotter-than-expected inflation. Bitcoin gained 0.4 per cent to $87,340.98. Attribution: Reuters
