After the US stock market posted their first gain this month, Asian stocks are poised to advance Friday, with traders waiting for key inflation figures in China and the US.
Equity futures for Australia, Japan and Hong Kong went up after a rebound in the S&P 500 after a rout that put the gauge on the cusp of breaching its average price of the past 100 days.
Oil tapped a fresh one-year low in a volatile session after a pipeline outage that sent prices soaring. Industrial metals climbed as investors assessed the potential for an economic rebound in China after the country loosened Covid 19 controls.
A gauge of the dollar fell as geopolitics-driven appetite for haven investments faded. Treasury yields went up, with 10 year yields hovering just below 3.5%. The yields of government bonds in Australia were little changed while those in New Zealand edged higher.
Friday's producer price index for November is one of the last pieces of data that Federal Reserve policymakers will see before their Dec. 13 -- 14 policy meeting. The PPI fell more than expected in October. There are signs that the labor market is cooling, with continuing jobless claims climbing to the highest since early February.
Strategists from Morgan Stanley to JPMorgan Chase Co. warned against piling back into risk because the Fed is getting closer to switching to easier policy.
The inflation indexes for China went down last month, though Bloomberg Economics expects a rebound as the economy reopens.
The Chinese premier said economic growth will keep picking up, with comments from Li Keqiang should support sentiment. JPMorgan strategist Marko Kolanovic said he remains positive on China, due to favorable monetary conditions and an eventual full reopening and end of Covid. The main moves in markets as of 7: 33 a.m. Tokyo time: This story was produced with the help of Bloomberg Automation.
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