via Reuters
A look at the day ahead in Asian markets.
If deepening gloom around China and a surging Japanese yen are the local market drivers in Asia, the Fed’s upcoming interest rate decision hangs heavily over world markets as growing hopes for a 50 basis point cut push the dollar to new lows for the year.
Wall Street lost ground on Monday even as bond yields edged lower, with jitters beginning to bubble up as Wednesday’s Fed decision draws closer.
Rates traders are now putting a 60% probability on a half percentage point cut and expect 120 bps of easing over the three remaining policy meetings this year. That effectively implies two of them will deliver 50 bps cuts.
🚨🇨🇳CHINA’S OFFICES EMPTIER THAN DURING THE PANDEMIC
In June, 20% of high-end office spaces in Shenzhen were vacant, with vacancy rates rising in Beijing, Guangzhou, and Shanghai compared to June 2022.
China's major cities are seeing a worrying trend in office space demand.… pic.twitter.com/sujJbQAkCH
— Mario Nawfal (@MarioNawfal) September 17, 2024