Asian shares wobbled while the dollar was perched near a three-month top after a spate of economic data overnight appeared to support Federal Reserve Chairman Jerome Powell’s hawkish guidance on further interest rate increases. | Reuters
China’s bluechips slid 0.4 percent and the yuan weakened 0.2 percent after softer-than-expected inflation data for February revived doubts about the pace of economic recovery. Hong Kong’s Hang Seng Index gained 0.3 percent.
“It’s hard to see this as clarifying the employment picture ahead of tomorrow’s payrolls release, which remains a lottery,” said Robert Carnell, regional head of research, Asia Pacific at ING. Investors are now focused on February jobs data due on Friday for confirmation that strong jobs growth supports bigger rate increases.Forecasts are centred on a more modest increase of 205,000 after January’s 517,000 jump led markets to reprice their monetary tightening expectations.
Japan’s lower house of parliament on Thursday approved the government’s nominee Kazuo Ueda to be next central bank governor, signing off on a new leadership that will be tasked with steering a smooth exit from ultra-loose monetary policy.Ten-year government yields again hit the BOJ’s policy cap of 0.5 percent on Thursday.
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