Asian Markets Surge Amid Fed Rate Cut Speculations
Asian stocks reached a one-month high, driven by expectations of imminent U.S. Federal Reserve rate cuts. Investors are focused on Fed’s July meeting minutes and Chair Jerome Powell's upcoming speech for clues. The potential rate cuts have influenced various markets, including technology stocks, gold, and currencies.
![Asian Markets Surge Amid Fed Rate Cut Speculations](https://devdiscourse.blob.core.windows.net/aiimagegallery/30_05_2024_05_38_43_3584034.png)
Asian stocks surged to a one-month peak on Tuesday, mirroring a Wall Street rally fueled by speculation that the Federal Reserve may hint at imminent rate cuts later this week.
With light data across major economies, investors await the Fed's July meeting minutes on Wednesday and Chair Jerome Powell's Friday speech at Jackson Hole for future rate cut indications. The MSCI Asia-Pacific index outside Japan reached a one-month high but later eased to a 0.4% gain.
Japan's Nikkei index rose 1.7%, buoyed by technology stocks, despite the yen's recent strength. Fed officials recently pointed to potential easing in September, causing gold prices to stay above $2,500 and the dollar to dip to its lowest in over seven months against key currencies, at 101.76.
(With inputs from agencies.)
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