Stocks sputter

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TOKYO- Asian equities were mostly weaker on Thursday, while the dollar and US Treasuries were largely steady ahead of crucial US inflation data that could provide fresh clues on when the Federal Reserve will cut interest rates.

Chinese stocks, though, rebounded from Wednesday’s sharp decline to keep them on track for their best month since November 2022.

The yen gained as a Bank of Japan official hinted at the need to exit ultra-easy monetary stimulus.

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Meanwhile, cryptocurrency bitcoin fluctuated around $61,400 following a three-day, 24 percent  ascent that brought it to a more than two-year peak at $63,933.

Wall Street futures pointed marginally lower, following declines for all three major indexes overnight. S&P 500 futures pointed down 0.04 percent  and Nasdaq futures fell 0.06 percent .

Investors are wary ahead of the release later in the day of the Fed’s preferred inflation gauge, the personal consumer expenditures (PCE) price index, after dialing back bets for a first rate cut to June. At the start of the year, wagers were on March.

Thursday also sees inflation data from German states, France and Spain, ahead of the euro area’s figures on Friday.

Japan’s Nikkei share average slipped 0.45 percent  as of 0205 GMT, easing back a little further from the record peak reached on Tuesday.

South Korea’s Kospi declined 0.54 percent , while Taiwan and Australia benchmarks were flat.

However, mainland Chinese blue chips jumped 0.82 percent , recovering after a 1.27 percent  slide in the previous session. For the month, they are up 8.3 percent , looking certain to snap a six-month streak of declines.

This month, state-led buying and tighter regulations have been primarily responsible for pulling the index off five-year lows, but expectations for more aggressive stimulus will need to become reality to retain the momentum amid a moribund economy, saddled with listless consumers and a teetering property market.

Next week’s annual session of the National People’s Congress, where the year’s growth target will be set, and a plan laid out for achieving it, will provide the clearest indications of the government’s stimulus efforts.

Hong Kong’s Hang Seng added 0.44 percent .

MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.06 percent  higher.

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