Asian shares were primed to open higher Monday as positive momentum from a rally on Wall Street and signs of moderating US inflation underpinned support for global stocks. ManilaBulletin READ:
Futures contracts for equities in Japan, Australia and Hong Kong all pointed to early gains, as did a gauge of US-listed Chinese companies, which advanced 1% on Friday. Tesla Inc. delivering a record number of cars worldwide in the second quarter was also likely to support its suppliers in Asia.
Traders were encouraged as data showed inflation is moderating, even if that comes at the expense of growth. The personal consumption expenditures price index, one of the Federal Reserve’s preferred inflation gauges, rose 0.1% in May. From a year ago, the measure stepped down to 3.8%, the smallest annual advance in more than two years.
Major currencies were confined to narrow ranges versus the dollar early Monday after a gauge of greenback strength slipped 0.3% Friday, extending this year’s losses. Investors in Asia will be watching for official manufacturing purchase managers’ indexes across a host of economies Monday, along with readings for the China’s Caixin manufacturing PMI. The China data is expected to underscore the view that the world’s second-largest economy is still struggling to rebound.
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