Asian markets will be watching the Reserve Bank of Australia’s rate decision, as well as China’s inflation data later this week.
CNBC Pro: A China fund from Fidelity is beating the crowd. How it plans to keep doing it
"It's very fashionable or favorable to be underweight on China. But we think there's way too much negative news priced in and sentiment is too bearish," said Catherine Yeung, a Hong Kong-based investment director focused on equities at Fidelity International. The jobless rate was expected to be 3.5%, according to economists polled by Dow Jones, equal with what it was in the prior month. Average hourly earnings rose 0.24% for the month, or 4.29% year-over-year. That was less than the 4.4% increase expected by economists.
Markets are pricing in a 93% likelihood Friday morning the Fed will hold rates in September, according to theMeanwhile, chances the central bank will not raise rates in November also jumped to 65%. That's up from 58.9% the previous day.The highly anticipated IPO of Softbank-backed Arm could arrive this month, marking a major test for the market sentiment, according to Wall Street firm Roth MKM.
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