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In the recent market update, on Monday (May 6), the Nasdaq Composite Index and the S&P 500 saw gains of 1.19% and 1.03%, respectively, while the Dow increased by 0.46%. Looking ahead to Tuesday (May 7), the focus will be on the Fed’s forward guidance on inflation, the economy, and the Fed rate path, which will likely impact the Asian markets during the session.
On the Asian Economic Calendar for Tuesday (May 7), investors will be keeping an eye on economic indicators from Australia and Japan, which could influence buyer appetite for ASX 200 and Nikkei 225-listed stocks. In Australia, finalized retail sales figures for March will be released, with upward revisions potentially fueling speculation about a more hawkish RBA rate path. The RBA interest rate decision and press conference are also on the agenda, with economists expecting rates to remain unchanged at 5.35%. A more hawkish press conference could impact ASX 200-listed stocks.
From Japan, finalized Services PMI numbers will be watched closely, as an upward revision could prompt discussions about an interest rate hike by the Bank of Japan. A stronger Japanese Yen would put pressure on Nikkei-listed export stocks.
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