(Bloomberg) — Asian stocks rose ahead of a key US jobs reading that’s likely to guide the Federal Reserve’s policy outlook.
The MSCI Asia Pacific Index inched higher as equities in South Korea, India and Australia rose, while those in Japan, Hong Kong and mainland China dropped. Futures contracts for US stocks were steady ahead of monthly US payrolls data. The dollar was little changed, while US Treasury yields edged higher.
Traders have escalated rate-cut bets in the past week, emboldened by the slew of softer-than-forecast US data, as well as decisions by the Bank of Canada and European Central Bank to ease monetary policy. Global stocks are on track to break a two-week losing stretch this week, while a Bloomberg gauge of global government bonds posted its longest rising streak since November on Thursday.
“Asian markets will likely sit on the sidelines today, taking cues from the flat US market overnight,” OCBC strategists…
