- Asian stocks are poised to enter a bull market following the best day in more than a month for US equities on Friday, fueled by China reopening trade and expectations of slower rate hikes.
- The MSCI Asia Pacific Index rose 1.6% as stocks from Australia to Hong Kong rallied, tracking the S&P 500's more than 2% gain on Friday. The Asia-wide index is on track to rise 20% from its October low, with Chinese stocks leading the way after the country reversed its covid policy and offered more policy support to the economy and developers.
- With the Institute for Supply Management's index of services in contraction territory and wage growth slowing, traders bet that the Fed will slow rate hikes.
- For the first time in six months, the South Korean won, a key emerging market risk currency, surpassed 1,250 per dollar.
