Asian shares hit two-week high on China hopes, US Fed pause bets

Beaten-down Chinese stocks rose for a third straight day following a slew of confidence-boosting measures.

Markets are pricing in an 89% chance of a rate pause after data showed US job openings fell to the lowest level in over 2 1/2 years.

In early trading, the blue-chip CSI 300 Index was 0.3% higher, while Hong Kong’s Hang Seng Index rose 0.75%. Overnight, Wall Street ended sharply higher, while Treasury yields slid to three-week lows after data showed US job openings dropped to the lowest level in nearly 2-1/2 years in July, signalling easing labour market pressures.

Markets are pricing in an 89% chance of the Fed standing pat at its meeting next month, the CME FedWatch tool showed, and are now pricing in a 50% chance of another pause at the November meeting compared with a 38% chance a day earlier. The drop in yields put pressure on a buoyant dollar. Against a basket of currencies, the dollar inched up 0.029% to 103.58 after slipping nearly 0.4% on Tuesday.

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