Asia stocks nudge higher, dollar steady ahead of US inflation report
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Asian stocks inched higher and the dollar held steady on Tuesday ahead of a key U.S. inflation report that could help shape the Federal Reserve’s rates outlook and determine the timing of interest rate cuts. Bitcoin crossed $50,000 for the first time in over two years. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.15% higher. Japan’s Nikkei rose 1.7% to hit a fresh 34-year high. China’s financial markets are closed for the Lunar New Year holiday. On Monday, the Nasdaq slipped in the afternoon session after briefly surpassing its record closing high from November 2021. The benchmark S&P 500 closed lower but remained just above the 5,000-point level it crossed on Friday. E-mini futures for the S&P 500 fell 0.16%. Investor attention this week will be on crucial reports on January’s U.S. Consumer Price Index (CPI) and Producer Price Index. Economists expect CPI to rise 2.9% on a year-on-year basis. Traders are pricing in a 13% chance of an easing in March. The yield on 10-year Treasury notes was at 4.172%. The dollar index was little changed at 104.16. The Japanese yen was last at 149.38 per dollar. U.S. crude rose 0.03% to $76.94 per barrel and Brent was at $81.99, down 0.01% on the day.

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