A look at the day ahead in Asian markets from Jamie McGeever.
Hong Kong's Hang Seng tech index kicked off the year with a stellar 2.5% rise on Tuesday and the MSCI Asia tech index has advanced three days in a row, its best run in a month.Rising interest rates was the scythe that cut tech off at the knees last year as the U.S. Federal Reserve embarked on the most aggressive tightening cycle in 40 years. The cycle may be drawing to a close, but the Fed may yet surprise on the upside this year.
Job openings on Wednesday and non-farm payrolls on Friday will give the most up-to-date pulse of the U.S. labor market. Solid numbers, including wage growth, could tilt expectations for next month's policy meeting back up to a 50 basis point hike from 25 bps.Global financial conditions - across developed and emerging markets - have tightened since then, according to Goldman Sachs. Its U.S. financial conditions index has risen some 40 bps, mainly due to higher long rates and lower equities.
If global tech and equity bulls are to get any traction, easing financial conditions and central bank rate hike expectations will have to set in first.- India S&P Global services PMI Reporting by Jamie McGeever in Orlando, Fla.; Editing by Marguerita Choy
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