Asian stocks rise, fed meeting in focus

Asian equity markets kicked off the week on a positive note, buoyed by Wall Street’s strong performance on Friday, particularly in mega-cap growth stocks, Reuters reported on Monday.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained one per cent, extending the upbeat sentiment from the previous week.

This positive outlook was further reflected in rising US futures markets, with Nasdaq futures climbing 0.36 per cent and S&P 500 futures advancing 0.27 per cent.

Hong Kong’s Hang Seng Index and China’s CSI300 mirrored the positive trend, rising 1.3 per cent and 1.4 per cent respectively.

This week’s primary focus will be the Federal Reserve’s two-day monetary policy meeting starting Tuesday. While no rate adjustments are anticipated, the central bank’s future rate outlook will be closely scrutinised.

The prospect of sustained high US interest rates has bolstered the dollar, although it remained broadly weaker on Monday.

The yen ultimately closed trading 1.9 per cent higher at 155.43 JPY per dollar.

The euro strengthened against the dollar by 0.38 per cent to $1.07315, while the pound sterling also gained 0.42 per cent to $1.2548. The dollar index fell 0.46 per cent to 105.47.

Oil prices experienced a slight decline on Monday. Brent crude dropped 0.9 per cent to $88.70 per barrel, while US crude fell 0.85 per cent to $83.14 per barrel.

This decrease partially stemmed from news regarding a potential ceasefire agreement in Gaza.

Gold prices also saw a minor decline, dipping 0.21 per cent to $2,332.72 per ounce.