Asian shares drift, dollar firms ahead of central bank meetings

Ankur Banerjee - Reuters - 17/12

Asian stocks edged higher and the dollar held firm on Tuesday as traders braced for a slate of central banks meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.

Summary

Bitcoin hovers near record highs
Dollar steady as traders eye Fed dot plot
Yen on the defensive as BOJ seen to hold rates
Gold set for best year since 2010

SINGAPORE, Dec 17 (Reuters) - Asian stocks edged higher and the dollar held firm on Tuesday as traders braced for a slate of central banks meetings this week that is likely to see the U.S. Federal Reserve deliver a rate cut and the Bank of Japan stand pat for now.

Bitcoin , the best-known and the biggest cryptocurrency, remained nestled near the record high of $107,821 it touched on Monday. It was last flat at $106,041.

The crypto market has been on a tear since the U.S. election in early November as traders wager the incoming Trump administration will usher in a friendlier regulatory environment. Bitcoin is up 150% in 2024.

In stock markets, Australian market (.AXJO), opens new tab was 0.75% higher, with Japan's Nikkei (.N225), opens new tab up 0.26% and tech-heavy Taiwan stocks (.TWII), opens new tab rising 0.5%.

That left MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab up 0.18%. The index is set for 10% gain for the year, its strongest yearly performance since 2020.

Data on Monday showed China's consumption slowed more than expected in November, pushing stocks lower. On Tuesday, Hong Kong's Hang Seng Index (.HSI), opens new tab fell 0.4%, while mainland stocks (.SSEC), opens new tab eased 0.13% in early trading.

"More stimulus measures are desperately needed," said Tony Sycamore, market analyst at IG, noting that China's housing market remai...
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Source and Copyright images and texts: Ankur Banerjee - Reuters
Original link, read full article here: https://www.reuters.com/markets/global-markets-wrapup-1-2024-12-17/
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