Asian markets plummet after weak US employment report, leading to Fed rate cut predictions.
Asian markets are anticipated to respond to recent market turmoil, as stocks and bond yields plummeted on Friday after a surprising weak US employment report. The MSCI Asia ex-Japan index saw its largest drop in over two years, while Japan's Nikkei 225 index witnessed its largest decline since March 2020. Traders now predict a 70% chance of a half-percentage point rate cut by the Fed next month, with 115 basis points of easing expected by year-end and over 200 basis points by June.
August 04, 2024
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