On Friday, the Dow advanced by 0.56%. However, the Nasdaq Composite Index tumbled 2.05%, with the S&P 500 declining by 0.88%. The tech stock sell-off could set the tone for the Monday Asian session amid fading investor bets on multiple 2024 Fed rate cuts.
Asian Economic Calendar: The PBoC in the Spotlight
On Monday, the People’s Bank of China (PBoC) will set the one-year and five-year loan prime rates (LPR). Economists expect the PBoC to leave the one-year and five-year LPRs unchanged at 3.45% and 3.95%, respectively. An unexpected cut to the LPRs could drive buyer demand for riskier assets.
There are no economic stats from the Asian region for investors to consider. Nevertheless, it could be a pivotal week for the Asian equity markets. Private sector PMIs (Tues), inflation numbers from Australia and Japan, and the Bank of Japan monetary policy decision will influence market risk sentiment.
Away from the economic calendar, easing fears of a more widespread Middle East conflict could support buyer demand for riskier assets.
Commodities: Crude Oil, Gold, and Iron Ore
On Friday, WTI crude ended the session up 0.50% to $83.14. Gold (XAU/USD) advanced by 0.54% to $2,392.
Iron ore extended its gains from Thursday, rising by 0.28% on the Singapore Futures Exchange.
