SYDNEY: Japan’s Nikkei hit a record high on Tuesday, while investors elsewhere waited anxiously to see if Federal Reserve Chair Jerome Powell would sound supportive of rate cuts after evidence the US labour market is cooling.
Europe is set for a mixed open, with EUROSTOXX 50 futures off 0.2% and FTSE up 0.1%. S&P 500 futures gained 0.2% and Nasdaq futures firmed 0.3%, after Wall Street equities inched higher to close at record peaks on Monday.
The Nikkei index jumped 2.3% to a record high, supported by semiconductor shares, while MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.4% higher, just a touch below a two-year top a day earlier. Taiwanese shares also hit a record high before running into profit-taking and were last down 0.1%.
China’s blue-chip index rose 1.1% and Hong Kong’s Hang Seng index inched 0.5% higher. Powell is set to appear before Congress on Tuesday and Wednesday, as investors wagered a slew of soft labour market data has greatly increased the chance of a rate cut in September to about 80%.
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