Asian shares followed U.S. stock futures higher on Monday on hopes authorities were working to ring fence stress in the global banking system, even as the cost of insuring against default neared dangerous levels. | Reuters
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, with trading cautious. Japan’s Nikkei gained 0.1 percent and South Korea 0.2 percent.
“If these CDS do not normalize, it is highly likely stock market may continue to suffer for many days.” That, in turn, meant the Fed was closer to a peak in rates, he added. Markets are well ahead of the central bank in pricing around an 80 percent chance rates have already peaked, while a first rate cut is seen as early as July.Fed Governor Philip Jefferson speaks later on Monday, while Fed Vice Chair for Supervision Michael Barr testifies on “Bank Oversight” before the Senate on Tuesday.
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