Asian Stocks Set to Track Wall Street Tech Rebound: Markets Wrap

(Bloomberg) — Asian stocks were poised to track Wall Street gains as technology shares led a rebound and investors grew more confident about a potential Federal Reserve rate cut in December.

Equity-index futures pointed to gains in Australia, Hong Kong and also Japan, where markets return following a long weekend. US stocks advanced Monday as tech stocks continued to recover from last week’s slump and traders geared up for a flurry of data. The Nasdaq 100 jumped almost 3%, its strongest session since May, while the S&P 500 climbed 1.6% for its best day in six weeks.

US 10-year Treasury yields declined four basis points to 4.02%, with money markets now pricing a roughly 90%-chance of a cut at the Fed’s upcoming December meeting, following weeks of shifting expectations.

Signs that the Fed may soon lower interest rates lifted markets after a choppy week dominated by unease over stretched AI valuations and uncertainty about monetary policy. Fed Governor Christopher Waller boosted sentiment by signaling support for a rate cut next month. The renewed optimism fueled the rebound, and some investors are viewing November’s pullback as a setup for a December rally.

“Many of November’s fears about AI and a cratering job market have ended up not coming to fruition,” said David Laut, chief investment officer at Kerux Financial. “That suggests that we are seeing a traditional market pullback in recent weeks and not the start of a deeper correction.”

Waller’s remarks echoed those of other Fed officials, including San Francisco Fed President Mary Daly, who also voiced support for a December rate cut in a Monday interview. New York Fed President John Williams similarly moved markets on Friday by noting that a near-term cut remains on the table. With the December Fed meeting as the next major inflection point, investors are parsing outdated economic data amid delays caused by the recent US government shutdown.

Ahead of Thanksgiving and Black Friday, September retail figures due Tuesday are expected to show a moderation as consumers remain squeezed by high prices.

Other data due this week include the producer price index and durable goods orders for September. Jobless claims on Wednesday, covering the November survey week, will take on added importance as the Fed leans on alternative indicators in the absence of payroll figures.

“There are increasing signs that the economy remains sluggish, which will put additional emphasis on the retail sales release this week, although once more the data will be slightly historic,” said Richard Hunter, head of markets at Interactive Investor. “There will be some hopes that the recently guarded sentiment will at least temporarily be erased.”

In Asia, Syngenta Group is considering an initial public offering in Hong Kong, according to people familiar with the matter. The Chinese-owned agricultural technology company is holding preliminary talks with financial advisers and may list in Hong Kong next year, more than a year after it withdrew a plan for a $9 billion listing in Shanghai.

In other corners of the market, Bitcoin reversed an earlier drop, while oil rose after swinging between small gains and losses for most of the session as traders weighed the prospect of a Ukraine-Russia peace deal.

Corporate Highlights:

A pill version of Novo Nordisk A/S’s Ozempic failed to slow the progression of Alzheimer’s disease in a pair of long-shot studies that aimed to open up a new use for blockbuster obesity drugs. Anthropic PBC is rolling out a new version of its most powerful artificial intelligence model that is designed to be better at automating coding and office tasks, part of an effort to compete with OpenAI and Alphabet Inc.’s Google for business customers. Zoom Communications Inc. reported quarterly revenue that topped analysts’ estimates, a sign of strength for the software maker’s expanded suite of business tools. Amazon.com Inc. says it will spend as much as $50 billion expanding its capacity to provide artificial intelligence and high-performance computing services to US government entities. Some of the main moves in markets:

Stocks

Nikkei 225 futures rose 1.7% as of 7:20 a.m. Tokyo time Hang Seng futures rose 0.6% S&P/ASX 200 futures rose 0.4% Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1521 The Japanese yen was little changed at 156.87 per dollar The offshore yuan was little changed at 7.1064 per dollar The Australian dollar rose unchanged at $0.6464 Cryptocurrencies

Bitcoin rose 0.2% to $88,938.89 Ether was little changed at $2,961.99 Bonds

Australia’s 10-year yield declined two basis points to 4.43% This story was produced with the assistance of Bloomberg Automation.

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