Precise Investors Editorial Team
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.7%
Asian stocks rose for a second day in early trading on Tuesday, led by an extended rally in Tokyo’s benchmark after Japanese Prime Minister Sanae Takaichi’s decisive election victory over the weekend.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.7%, while the Nikkei 225 climbed 2.8%, rising for a third consecutive day to a new high. The yen also firmed for a second day.
Against the yen, the U.S. dollar was last down 0.4% at 155.265 yen.
The U.S. dollar index was down 0.2%, wallowing near its lowest levels of the month at 96.799.
Against the offshore yuan, the dollar was last down 0.1% at 6.9058 yuan.
Elevating the renminbi’s global role is moving up the policy agenda, analysts from Alpine Macro wrote in a research note. Beijing’s main goal is not to challenge the dollar’s dominance but to reduce vulnerability to it.
The yield on the U.S. 10-year Treasury bond was last flat at 4.184%.
Market pricing continues to indicate that the Federal Reserve will remain on hold until June. Fed funds futures are pricing an implied 17.7% probability of a 25-basis-point rate cut at the U.S. central bank’s next two-day meeting on March 18, compared with an 18.4% chance on Friday, according to the CME Group’s FedWatch tool.
Indonesian markets remained composed at the start of trading in Jakarta, rising 1% and largely unswayed by FTSE Russell’s decision to postpone a scheduled index review. Last month, larger rival MSCI warned the country risked a downgrade to frontier status over data transparency issues.
In commodities markets, Brent crude was last down 0.3% at $68.81.
Gold dropped 0.7% at $5,030.02 per ounce, while silver shed 2% at $81.74 per ounce.
Bitcoin was last down 1.5% at $69,337.26, while ether dropped 2.9% to $2,060.76.
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