Asia looks to extend rally on China, US rate hopes
SYDNEY - Asian shares inched higher on Monday as markets wagered the Federal Reserve was done raising U.S. interest rates, and on hopes the drip feed of policy stimulus from Beijing would be enough to stabilise the Chinese economy.
Investor sentiment on the tech sector will be tested this week by the initial public offering for chip giant Arm Holdings, which is aiming for a price in the range of $47 to $51 valuing the company between $50 billion and $54 billion.Stocks had firmed on Friday after a benign August payrolls report hardened expectations for an end to rate hikes.
"This continued rebalancing of the labor market is consistent with our view that the July hike in the Fed funds rate was the last of the cycle," wrote analysts at Goldman Sachs.The market seemed to agree as futures now imply a 93% chance of rates staying steady this month and a 67% probability that the entire tightening cycle is over.
Central banks in Canada and Australia hold their own meetings this week and both are expected to hold rates steady.
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