Asian stocks edge higher before Powell’s testimony: Markets wrap
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Stocks in Asia edged higher ahead of Jerome Powell’s testimony to Congress and the start of the US earnings season. Equity benchmarks rose in Japan, Australia, and South Korea , while futures pointed to losses in Hong Kong after an index of Chinese shares in the US dropped on Monday. US futures gained in early Asian trading after the S&P 500 closed a fraction higher to set its 35th record this year. The dollar and Treasuries were little changed. Traders will be focused on Powell’s testimony beginning Tuesday for guidance on the Federal Reserve’s outlook. He faces pressure from lawmakers growing impatient for interest-rate cuts and others who are unhappy with the Fed’s latest plan to boost capital requirements for Wall Street lenders. Markets are pricing the chance of two rate cuts this year, with a roughly 70% chance of the first in September, according to swaps data compiled by Bloomberg. “With the recent signs of softer growth and l...