Dubai Telegraph - Asian markets battle to match Wall Street rally ahead of US inflation

EUR -
AED 3.877778
AFN 71.271515
ALL 98.59535
AMD 413.462933
ANG 1.903582
AOA 961.768186
ARS 1064.199874
AUD 1.625379
AWG 1.900348
AZN 1.843346
BAM 1.962322
BBD 2.132637
BDT 126.220694
BGN 1.953954
BHD 0.398005
BIF 3057.448572
BMD 1.055749
BND 1.418481
BOB 7.299086
BRL 6.272703
BSD 1.056286
BTN 89.185255
BWP 14.429753
BYN 3.456606
BYR 20692.676798
BZD 2.129025
CAD 1.481031
CDF 3029.999267
CHF 0.931894
CLF 0.037395
CLP 1031.83636
CNY 7.651543
CNH 7.651582
COP 4628.930685
CRC 539.49815
CUC 1.055749
CUP 27.977344
CVE 111.566223
CZK 25.273042
DJF 187.628206
DKK 7.458184
DOP 63.819976
DZD 140.950899
EGP 52.437454
ERN 15.836232
ETB 133.507054
FJD 2.395125
FKP 0.83332
GBP 0.833115
GEL 2.887506
GGP 0.83332
GHS 16.46934
GIP 0.83332
GMD 74.957898
GNF 9112.168509
GTQ 8.149084
GYD 220.979199
HKD 8.215206
HNL 26.714787
HRK 7.53093
HTG 138.531727
HUF 412.322879
IDR 16777.537888
ILS 3.858672
IMP 0.83332
INR 89.126896
IQD 1383.711919
IRR 44420.631553
ISK 144.69047
JEP 0.83332
JMD 166.844513
JOD 0.748843
JPY 159.901629
KES 136.719246
KGS 91.632997
KHR 4254.667825
KMF 495.093088
KPW 950.173534
KRW 1471.117329
KWD 0.324558
KYD 0.880213
KZT 530.86939
LAK 23192.531954
LBP 94586.320986
LKR 307.364447
LRD 189.06568
LSL 19.163992
LTL 3.117351
LVL 0.638612
LYD 5.168177
MAD 10.583374
MDL 19.345019
MGA 4942.308894
MKD 61.472338
MMK 3429.030973
MNT 3587.434421
MOP 8.464713
MRU 41.989559
MUR 49.324477
MVR 16.311093
MWK 1831.543826
MXN 21.751081
MYR 4.682246
MZN 67.459492
NAD 19.163992
NGN 1778.999815
NIO 38.869183
NOK 11.691906
NPR 142.691862
NZD 1.791758
OMR 0.406453
PAB 1.056286
PEN 3.982252
PGK 4.259054
PHP 61.948222
PKR 293.502746
PLN 4.303968
PYG 8256.440554
QAR 3.849804
RON 4.975428
RSD 116.964263
RUB 119.459751
RWF 1455.416446
SAR 3.965957
SBD 8.858356
SCR 14.310718
SDG 635.020591
SEK 11.530414
SGD 1.415928
SHP 0.83332
SLE 23.964355
SLL 22138.529802
SOS 603.692095
SRD 37.363475
STD 21851.868948
SVC 9.242806
SYP 2652.600424
SZL 19.160863
THB 36.476158
TJS 11.328181
TMT 3.705678
TND 3.318233
TOP 2.472671
TRY 36.582468
TTD 7.169897
TWD 34.221567
TZS 2793.100662
UAH 43.977519
UGX 3897.862374
USD 1.055749
UYU 45.269382
UZS 13570.781589
VES 49.405441
VND 26800.1837
VUV 125.340621
WST 2.947219
XAF 658.134983
XAG 0.035064
XAU 0.0004
XCD 2.853214
XDR 0.807966
XOF 658.144365
XPF 119.331742
YER 263.857985
ZAR 19.2052
ZMK 9503.007093
ZMW 28.809066
ZWL 339.950688
  • SCS

    -0.0700

    13.47

    -0.52%

  • RBGPF

    1.0000

    62

    +1.61%

  • GSK

    0.3100

    34.33

    +0.9%

  • NGG

    0.5000

    63.33

    +0.79%

  • BTI

    0.2300

    37.94

    +0.61%

  • RYCEF

    0.1100

    6.91

    +1.59%

  • AZN

    0.8400

    67.2

    +1.25%

  • CMSC

    -0.0500

    24.52

    -0.2%

  • RIO

    0.2900

    62.32

    +0.47%

  • CMSD

    -0.0700

    24.36

    -0.29%

  • RELX

    0.2400

    47.05

    +0.51%

  • BCC

    -2.0100

    146.4

    -1.37%

  • BCE

    0.3900

    27.02

    +1.44%

  • BP

    0.1700

    29.13

    +0.58%

  • VOD

    0.1100

    8.97

    +1.23%

  • JRI

    0.1700

    13.41

    +1.27%

Asian markets battle to match Wall Street rally ahead of US inflation
Asian markets battle to match Wall Street rally ahead of US inflation / Photo: STR - AFP

Asian markets battle to match Wall Street rally ahead of US inflation

Asian markets mostly rose Tuesday after a rally on Wall Street as traders try to assess the outlook for US interest rates following last week's disappointing jobs report, with focus on the release of key inflation data.

Text size:

With Friday's non-farm payrolls showing the labour market slowing faster than expected, there is a growing worry that the world's top economy is heading for a recession, which sent stocks tumbling.

While the Federal Reserve is widely seen cutting rates at next week's meeting, debate surrounds whether it will be 25 or 50 basis points, with some arguing that going for the bigger option could suggest decision-makers are worried.

Analyst Stephen Innes said there were numerous factors that could sway nervous investors ahead of the Fed's decision.

Wednesday's consumer price index is the first major release and a big miss to the downside could ramp up bets on a 50-points cut but add to concerns about the economy.

"While the labour market is cooling, it's far from frozen, and second-quarter GDP was revised up to a solid 3.0 percent annualised gain, keeping the soft-landing narrative firmly on the table," he wrote in his Dark Side Of The Boom newsletter.

Still he added: "For now, the Fed likely won’t feel the need to hit the panic button with a jumbo rate cut, but stock traders... haven’t fully grasped the depth of the potential labour market weakness yet.

"That leaves the door open for further, potentially sizeable market corrections. Expect the worry meter to creep higher if the employment picture deteriorates further."

All three main indexes on Wall Street rose more than one percent Monday after Friday's steep, tech-led retreat.

In early trade Tuesday, Hong Kong, Tokyo, Seoul, Sydney, Singapore, Taipei, Wellington, Manila and Jakarta all rose, though Shanghai dipped.

Fresh worries about China's economy are also dampening sentiment, with another below-forecast inflation reading Monday reinforcing the view that moves to boost consumer demand and business activity have not taken hold.

August trade data Tuesday will be eyed for clues, with imports expected to have slowed significantly from July.

The country's leaders are now facing pressure to unveil fresh stimulus for the world's number two economy, though they have shown little desire to embark on the bazooka-like spending seen during the global financial crisis.

On currency markets the dollar strengthened, with the euro weighed by an expected rate cut by the European Central Bank on Thursday as inflation edges lower.

- Key figures around 0230 GMT -

Tokyo - Nikkei 225: UP 0.1 percent at 36,244.22 (break)

Hong Kong - Hang Seng Index: UP 0.2 percent at 17,235.31

Shanghai - Composite: DOWN 0.2 percent at 2,729.95

Euro/dollar: DOWN at $1.1033 from $1.1041 on Monday

Pound/dollar: DOWN at $1.3063 from $1.3075

Dollar/yen: UP at 143.29 yen from 143.11 yen

Euro/pound: UP at 84.47 pence from 84.42 pence

West Texas Intermediate: DOWN 0.1 percent at $68.65 per barrel

Brent North Sea Crude: UP 0.1 percent at $71.88 per barrel

New York - Dow: UP 1.2 percent at 40,829.59 (close)

London - FTSE 100: UP 1.1 percent at 8,270.84 (close)

H.El-Din--DT