Asia stocks edge higher, oil up amid Gulf confusion
SYDNEY: Asian share markets tracked Wall Street higher on Monday after a soft US jobs report pared the risk of a near-term rise in borrowing costs, though a…
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Summary
SYDNEY: Asian share markets tracked Wall Street higher on Monday (Aug 10) after a soft US jobs report pared the risk of a near-term rise in borrowing costs, though a lack of progress in Gulf peace talks saw oil prices creep higher. Any upside surprise could rekindle speculation of a hike from the Federal Reserve next month. "Our forecast for core CPI of 0.22% is probably not quite firm enough to prompt a hike from the Fed at the September meeting, though repeated prints closer to 0.3% could do it," said Michael Feroli, chief US economist at JPMorgan. "One thing we are watching for is any rebound in core goods prices after a two-month stretch in which they fell." The futures market has scaled back the chance of a September move to around 44%, from 67% a week ago. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%.
Furthermore, Brent crude added 0.9% to US$84.32 a barrel as shipping through the vital waterway remained at a trickle, while US crude rose 0.7% to US$78.74 a barrel. The drop in yields and general improvement in risk had pulled the US dollar broadly lower, with the euro just off a seven-week top at US$1.1557. In bond markets, yields on 10-year Treasuries were a shade higher at 4.673% with the market bracing for US$125 billion in new issuance this week.
In addition, A 76 per cent EPS beat rate matched the strongest level since 2021. Analysts at BofA noted that with nearly 90% of S P 500 results in, earnings per share were up 30% on the year after excluding investment gains at Alphabet and Amazon. The latest revival in fuel costs raises the stakes for the US July consumer price report due on Wednesday where analysts look for a rise of 0.1% in the headline and 0.2% for the core.
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SYDNEY: Asian share markets tracked Wall Street higher on Monday (Aug 10) after a soft US jobs report pared the risk of a near-term rise in borrowing costs, though a lack of progress in Gulf peace talks saw oil prices creep higher.
reliability moderate3/3 sourcesAny upside surprise could rekindle speculation of a hike from the Federal Reserve next month. "Our forecast for core CPI of 0.22% is probably not quite firm enough to prompt a hike from the Fed at the September meeting, though repeated prints closer to 0.3% could do it," said Michael Feroli, chief US economist at JPMorgan. "One thing we are watching for is any rebound in core goods prices after a two-month stretch in which they fell." The futures market has scaled back the chance of a September move to around 44%, from 67% a week ago.
reliability moderate2/2 sourcesMSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3%.
reliability moderate2/2 sourcesBrent crude added 0.9% to US$84.32 a barrel as shipping through the vital waterway remained at a trickle, while US crude rose 0.7% to US$78.74 a barrel.
reliability moderate2/2 sourcesThe drop in yields and general improvement in risk had pulled the US dollar broadly lower, with the euro just off a seven-week top at US$1.1557.
reliability moderate2/2 sourcesIn bond markets, yields on 10-year Treasuries were a shade higher at 4.673% with the market bracing for US$125 billion in new issuance this week.
reliability moderate2/2 sourcesA 76 per cent EPS beat rate matched the strongest level since 2021.
reliability moderate2/2 sourcesAnalysts at BofA noted that with nearly 90% of S P 500 results in, earnings per share were up 30% on the year after excluding investment gains at Alphabet and Amazon.
reliability moderate2/2 sources
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The latest revival in fuel costs raises the stakes for the US July consumer price report due on Wednesday where analysts look for a rise of 0.1% in the headline and 0.2% for the core.
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