Stocks will rise in Asia; Dollar Holds Fall: Markets Turn

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(Bloomberg) — Stocks were poised to rise in Asia on Friday, and the dollar remained under pressure after a three-day decline amid weak trading due to the US Thanksgiving.

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Australian equities opened higher and futures rose in Japan and Hong Kong. US contracts rose as investors anticipated a slower rate hike from the Federal Reserve. An index of global equities was heading for its highest level since mid-September.

Australian bonds rallied slightly after European government debt rose as traders scaled back bets on interest rate hikes by the European Central Bank. US markets were closed on Thursday and have a shortened session on Friday.

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For oil, little changed as the European Union considered a higher-than-expected price cap on Russian crude oil and evidence mounted that demand was difficult.

The yen traded little ahead of Tokyo’s inflation data set to be released this morning. The consumer price index for both Japan and the capital is above the central bank’s inflation target, adding pressure to raise interest rates.

Japanese 10-year bond yields last traded at 0.24%, close to the high end of the Bank of Japan’s target band.

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Meanwhile, Bank of America Corp. that its retail clients are flocking to bonds and out of equities for fear of an imminent recession. Bond funds saw inflows for the 39th straight week, strategists led by Michael Hartnett wrote in a note. The strategists favor holding bonds in the first half of 2023, with equities becoming more attractive in the last six months of next year.

Some of the major moves in markets:

Shares

  • S&P 500 futures were up 0.3% from 8:12 a.m. in Tokyo.

  • Nasdaq 100 futures rose 0.5%.

  • Nikkei 225 futures rose 0.1%

  • The Australian S&P/ASX 200 index rose 0.1%

  • Hang Seng Index futures up 0.4%

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Currencies

  • The Bloomberg Dollar Spot Index fell 0.3% on Thursday

  • The euro was little changed at $1.0408

  • The Japanese yen fell 0.1% to 138.69 per dollar

  • The offshore yuan changed little at 7.1647 to the dollar

Cryptocurrencies

  • Bitcoin was little changed at $16,558.36

  • Ether rose 0.4% to $1,199.89

Bonds

Raw materials

This story was created with the help of Bloomberg Automation.

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