---
title: "Asian stocks fluctuate as traders await US CPI: markets wrap"
description: "Asian stocks traded within tight ranges, as traders awaited US inflation data due this week for clues on the size of the Federal Reserve’s coming interest-rate cut."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-09-10-asian-stocks-fluctuate-as-traders-await-us-cpi-markets-wrap/"
published: "2024-09-10T05:47:08"
updated: "2024-09-10T05:47:10"
lang: "en-ZA"
word_count: 618
---

# Asian stocks fluctuate as traders await US CPI: markets wrap

> Asian stocks traded within tight ranges, as traders awaited US inflation data due this week for clues on the size of the Federal Reserve’s coming interest-rate cut.

By Bloomberg · Published 10 September 2024, 07:47 SAST · Updated 10 September 2024, 07:47 SAST

## Content

A key Asian equity index was steady, while shares in mainland China declined. Tokyo and Sydney notched modest gains following a positive session in US equities that was fueled by renewed dip-buying. Benchmark Treasuries yields were little changed, while the dollar advanced to extend gains for a third session.

The fluctuations in the market reflect investors’ caution as they look to balance US recession fears and the likelihood of a soft landing. Political uncertainties playing out in the backdrop will be on display when former President Donald Trump squares off in a debate with US Vice President Kamala Harris later on Tuesday.

“Markets are questioning whether the Fed can still go for a jumbo rate cut next week, and that is helping the US dollar to claw back some gains,” said Charu Chanana, head of FX strategy at Saxo Markets in Singapore. “This week, focus also moves away from the economic trajectory towards US elections and that is likely aiding the US dollar as well.”

In China, the CSI 300 Index is approaching its [lowest](https://www.bloomberg.com/news/articles/2024-09-10/china-s-6-5-trillion-stock-rout-worsens-economic-peril-for-xi) close since January 2019 on deepening concerns about the country’s economic weakness, adding further pressure on legislators to introduce additional support measures.

Shares of some Chinese biotech companies such as Wuxi AppTec are down after the US House overcame a last-ditch lobbying effort and passed a bill that would blacklist some firms deemed foreign adversaries.

Alibaba shares rose as much as 5.2% Hong Kong — the most since Aug. 16, with some 118.5 million shares traded — [after](https://www.bloomberg.com/news/articles/2024-09-10/alibaba-shares-rise-on-awaited-addition-to-china-exchange-link) joining the Stock Connect program that gives mainland investors easier access to investing in the Chinese tech giant.

Meanwhile, China’s August exports in dollar terms rose 8.7% on-year, according to the Customs General Administration PRC. That beat estimates of 6.6%.

Iron ore also will be closely watched on Tuesday, as it sank below $90 a ton in the previous session for the first time since 2022 before closing 1.1% higher. Industrial commodities are facing sustained pressure from tepid Chinese demand and gathering worries over global growth.

On Wednesday, a US government report is expected to show the [consumer price index](https://www.bloomberg.com/news/articles/2024-09-08/the-bond-market-rally-rides-on-how-fast-the-fed-will-cut-rates) rose 2.6% in August from a year earlier, according to the median forecast of economists surveyed by Bloomberg. That would be the smallest increase since 2021. There will be little new guidance from Fed officials, who are in the traditional blackout period ahead of the Sept. 17-18 meeting.

“Inflation matters,” said Chris Low at FHN Financial. “Weaker numbers might encourage the Fed toward a 50 basis-point cut, while anything higher could lock in 25 basis points.”

Global equities were net sold for the eighth straight week led by North America, according to Goldman Sachs Group Inc.’s prime brokerage desk report for the week ended on 6 September. The move is a continuation of a trend that, broadly speaking, started in May as funds began a big unwind of their positions in order to get more cash readily on hand for possible dislocations around the US presidential election.

“Slowdowns do not necessarily portend recessions, nor are stock market corrections necessarily the harbinger of bear markets,” said Konstantinos Venetis at TS Lombard. “But the mix of rising macro (growth) and political (US election) uncertainty increasingly puts the burden of proof on the bulls in the near term.”

The S&P 500 rose 1.2% after its worst start to the month on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in megacaps.

Oil [inched down](https://www.bloomberg.com/news/articles/2024-09-09/latest-oil-market-news-and-analysis-for-tuesday-10th-september)after a one-day gain driven by the return of a risk-on tone to wider markets. Gold retreated after a small [advance](https://www.bloomberg.com/news/articles/2024-09-09/gold-steady-as-markets-await-inflation-data-ahead-of-fed-meeting) as traders look ahead to the US inflation data. Bitcoin fell below $57,000.