SYDNEY- Global stocks firmed in Asia on Monday ahead of central bank meetings that are widely expected to deliver two more rate cuts and key US inflation figures that should flash a green light for more easing there.

China’s central bank lowered its 14-day repo rate by 10 basis points, a couple of days after disappointing markets by not cutting longer-term rates.

Analysts cautioned the move was only catching up to an already delivered cut to 7-day repo rates, but stocks were happy for anything and added 0.3 percent .

A holiday in Japan made for thin trading and MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.3 percent , after bouncing 2.7 percent  last week. Singapore’s main index climbed to its highest since late 2007.

Tokyo’s Nikkei was shut but futures were trading at 38,510 compared to a cash close of 37,723. The index rallied 3.1 percent  last week as the yen eased from its highs and the Bank of Japan (BOJ) signaled it was in no rush to tighten policy further.

EUROSTOXX 50 futures added 0.5 percent , FTSE futures 0.3 percent  and DAX futures 0.4 percent .

S&P 500 futures firmed 0.3 percent  and Nasdaq futures added 0.6 percent. The S&P is up 1 percent  so far in September, historically the weakest month for stocks, and has gained 19 percent  year-to-date to reach all-time highs.

More than 20 billion shares changed hands on US exchanges on Friday, the busiest session since January 2021. Analysts at BofA noted the S&P rises an average of 21 percent  when there is no recession in the 12-months after the start of Fed cuts.

Markets were still basking in the afterglow of the Federal Reserve’s half-point rate cut, with futures implying a 50 percent  probability it will deliver another outsized move in November.

“While the move was well flagged, its importance is hard to overstate, given the Fed’s role in USD liquidity conditions worldwide,” said Barclays economist Christian Keller.