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(Bloomberg) -- Stocks in Asia were poised to start the month on a positive note as a weaker yen looks set to buoy shares in Tokyo, while traders elsewhere sat tight ahead of the Federal Reserve’s policy decision. The New Zealand dollar soared as jobs data topped estimates.
Futures on equity indexes in Japan, Hong Kong and Australia were all higher after the S&P 500 Index rounded out its strongest month since February following a surge in American consumer confidence. Bitcoin soared to a record after CME Group, the world’s biggest exchange operator, said it plans to launch futures trading on the cryptocurrency by year-end. While the Fed is expected to keep rates on hold Wednesday, the policy-setting committee may sound the all-clear for a December hike. An announcement on who will helm the U.S. central bank is due by the end of the week.
The next test for global growth comes Wednesday from a reading on the health of Chinese small and private firms. China’s export-oriented companies probably outperformed the state-owned giants in October, reflecting the mildly stronger global economy. The Caixin PMI is forecast to have held at 51, compared with a larger-than-expected drop in the broader official measure.
U.S. President Donald Trump signaled he’ll name a new Fed chair Thursday and markets remain on edge after the first indictments from Special Counsel Robert Mueller, which may may pose a danger to tax reform. The news flow has overshadowed a robust corporate earnings season and fresh data showing the U.S. economy on firm footing. In Europe, Spanish equities outperformed Tuesday as the government in Madrid won the power struggle against Catalan separatists.
Terminal users can read more in our Markets Live blog.
Here are some other key upcoming events this week:
- Trade data for South Korea is expected Wednesday.
- The U.S. October payroll report comes out Friday.
- Trump starts an 11-day trip to Asia, his first as president, on Friday. Trade and security issues -- particularly North Korea -- will probably be in focus.
- A probable Bank of England rate hike on Thursday will be the first in a decade.
- The slew of earnings releases will culminate with Apple Inc. results.
And these are the main moves in markets:
- The yen traded at 113.61 as of 7:07 a.m. in Tokyo, having slipped 0.4 percent on Tuesday.
- The kiwi bought 68.94 U.S. cents, up 0.7 percent.
- The Bloomberg Dollar Spot Index increased 0.1 percent Tuesday.
- The euro was at $1.1650.
- The pound was at $1.3285. The Bank of England is widely expected to raise borrowing costs when it meets on Thursday.
- Futures on the S&P 500 Index were little changed. The underlying gauge rose 0.1 percent on Tuesday, adding 2.2 percent during October.
- Futures on Japan’s Nikkei 225 added 1.2 percent in Singapore trading.
- Contracts on Australia’s S&P/ASX 200 Index climbed 0.4 percent.
- Hong Kong Hang Seng Index futures added 0.2 percent.
- The yield on 10-year Treasuries climbed one basis point to 2.38 percent on Tuesday.
- Australia’s 10-year government bond yield rose two basis points to 2.69 percent.
- West Texas Intermediate crude rose 0.5 percent to $54.63 a barrel on Tuesday, the highest in more than six months.
- Gold was little changed at $1,271.05 an ounce.
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