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Market Update: Asian Stocks Sink as Fed Rate Cut Bets Diminish

Impact of Political Concerns on Market

Asian stocks sank on Monday as traders heavily pared back bets for Federal Reserve rate cuts this year given a still-tight U.S. labor market. Additionally, a snap election call in France sparked wider political concerns and weighed on the euro.

Despite trading being thinned in Asia with several countries out for public holidays, MSCI’s broadest index of Asia-Pacific shares outside Japan still slumped 0.33%.

US Market Outlook

U.S. futures edged marginally higher, with S&P 500 futures and Nasdaq futures up about 0.03% each, reversing slight losses from earlier in the session. The dollar was back on the front foot, while U.S. Treasury yields stayed elevated.

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Fed’s Policy Decision and Market Response

The latest developments come ahead of the Fed’s policy decision on Wednesday, with U.S. inflation figures for May due just before that. Futures now show roughly 36 basis points (bps) worth of cuts priced in for the Fed, down from 50 bps last week.

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Market Movements and Currency Exchange

Japan’s Nikkei rose 0.9% helped by a weaker yen, while the dollar index firmed to 105.29. Against the dollar, the yen fell more than 0.2% to 157.09.

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Political Developments in France

In France, President Emmanuel Macron called snap legislative elections for later this month after he was trounced in the European Union vote by Marine Le Pen’s far-right party. The euro tumbled to a one-month low in the wake of the announcement amid growing uncertainty over Europe’s future political direction.

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Commodities Market Update

In commodities, oil prices last traded higher, aided by hopes of rising fuel demand this summer. Brent crude futures gained 0.26% to $79.83 a barrel, while U.S. West Texas Intermediate crude futures ticked up 0.24% to $75.71 per barrel. Spot gold rose 0.13% to $2,295.29 an ounce.

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(Editing by Sonali Paul and Sam Holmes)

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