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Asia-Pacific equity markets were mostly higher on Tuesday after the major market averages finished the first trading day of H2 higher; minutes of the RBA’s June policy meeting revealed that if “inflation expectations” change, it is ready to raise rates.
Japan (NKY:IND) +1.12%. The Japanese yen depreciated past 161.5 per dollar, sinking to fresh 38-year lows. The finance minister, Shunichi Suzuki, reiterated on Tuesday that the government remains vigilant to currency moves, stating that foreign exchange levels reflect a complex mix of factors.
China (SHCOMP) +0.08%. In China, stocks gained for the third session amid an improving economic outlook.
Investors now look forward to more economic indicators from China, including fresh services and composite PMIs due tomorrow and forthcoming inflation data next week, to gauge the health of the world’s second-largest economy.
Hong Kong (HSI) +0.23%.
India (SENSEX) +0.08%.
Australia (AS51) -0.42%. Minutes of the Reserve Bank of Australia’s June policy meeting revealed that policymakers stressed the need to remain vigilant about upside risks to inflation, adding that a material rise in prices could require significantly higher rates.
In the U.S., on Monday, all three major indexes ended higher, buoyed by positive sentiment ahead of FOMC minutes and jobs data.
U.S. stock futures eased on Tuesday after the major averages started the second half of 2024 on a positive note: Dow -0.30%; S&P 500 -0.37%; Nasdaq -0.48%.
Traders now look ahead to Federal Reserve Chair Jerome Powell’s remarks later on Tuesday and the latest central bank policy meeting minutes on Wednesday, as well as Friday’s nonfarm payrolls report guiding the rate’s outlook further.
Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).