Asian equities were set to gain, tracking Wall Street higher after its sharp drop last week, buoyed by US data that eased recession concerns and renewed optimism for China’s economy.
US stocks, particularly tech companies, declined sharply ahead of a Federal Reserve decision, with megacaps hitting their lowest since September. Investors have significantly reduced their US equity holdings, while Asian stocks saw gains, particularly in Japan and Chinese tech. Despite recent client buying, earnings expectations for US large caps remain high and potentially challenging.
