- Stocks Up Amid China Stimulus, Countdown to Powell
- Two-year Treasuries trim a drop ahead of Jackson Hole meeting
- China shares aided by Beijing’s latest move to shore up growth
Stocks rose in Asia on Thursday as China’s latest steps to shore up its economy steadied nerves in the anxious wait for a key speech by Federal Reserve Chair Jerome Powell about the monetary policy outlook.
An Asian share index added 0.5%, helped by gains in mainland bourses, though morning trading in Hong Kong was scrapped due to a storm. US futures pushed higher in the wake of positive closes for the S&P 500 and Nasdaq 100.
Treasuries trimmed a slide, with the two-year yield edging further back from 3.40%. A dollar gauge dipped. Crude oil added to a rally that could feed into renewed jitters about whether price pressures have peaked.
In Europe, natural gas prices have surged to fresh highs, intensifying an energy crisis that threatens the euro-area economy and hence the global outlook.
Fed officials in the run-up to Jackson Hole have been clear they see more monetary tightening ahead, a message that’s eroded a bounce in stocks and bonds from mid-June troughs. The tension in markets is whether those assets will continue to head back toward the lows of the year.