Asian Equities Remain Near Five Month Highs

Asian stocks traded near a five-month high and the dollar strengthened before Federal Reserve Chair Janet Yellen speaks to lawmakers and as Greece’s creditors review a list of debt-reduction policies. Australian bonds gained and U.S. oil traded below $50 a barrel.

The MSCI Asia Pacific Index was little changed by 11:53 a.m. in Tokyo, with about the same number of stocks rising as falling. Futures on the Standard & Poor’s 500 Index fluctuated after the U.S. gauge finished less than 0.1 percent from a record. Australia’s 10-year bond yield fell, tracking a rally in U.S. Treasuries. New Zealand’s dollar weakened on lower inflation expectations and the yen fell. West Texas Intermediate crude was at $49.55 a barrel.

Greece presented creditors with a draft of policies to implement a Feb. 20 deal for continued funding. An official said the list would be given to euro-area members for discussion Tuesday. With a gauge of consumer confidence estimated to retreat today, Federal Reserve Chair Janet Yellen begins two days of testimony to Congress as investors watching for clues on the timing of an interest-rate increase.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.