A look at the day ahead in Asian markets from Jamie McGeever.
Federal Reserve Chair Jerome Powell could set the market tone for the rest of the year on Wednesday when he speaks on the U.S. economic outlook and labor market at an event in Washington.
Investors want a year-end rally. The latest proof of this was Tuesday's surge in Asian and Chinese stocks on hopes that the civil discontent in China could prompt an easing of strict COVID-19 curbs and re-opening of the economy. Powell and colleagues will be frustrated that U.S. financial conditions have eased in recent weeks despite their increasingly tough stance on inflation. Since Wall Street bottomed in mid-October, Goldman's financial conditions index has fallen almost 100 basis points, mainly thanks to the rebound in stocks.
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