Australian stock futures rose as U.S. home sales climbed and investors speculated central banks will continue to stimulate the economy. Japanese equity futures fell as the yen strengthened against the dollar.
Commonwealth Bank of Australia , the nation’s biggest mortgage lender, said concerns about a housing bubble in Australia are driven by a “superficial or incomplete analysis” of the nation’s property market.
Buying of Australian dollar debt by central banks helped cut expectations for swings by the most among developed currencies this year, cementing a role that led Morgan Stanley to dub it the South Pacific Swiss franc.
Australian shares fell and Japanese stock futures were little changed amid concern about the impact of the U.S. budget debate on economic growth and as conflict in Israel spurred an advance in crude oil prices.
Asian stocks declined for a fourth day, with Japan’s Topix Index dropping to the lowest level since 1983, and oil fell after the American jobless rate increased last month, wiping out this year’s gains in the Dow Jones Industrial Average. Australian bonds and the U.S. dollar rose.
Apartment prices in the luxury beachside Australian town of Noosa Heads have tumbled by a fifth since 2008 as cracks emerge in a housing market that’s so far escaped the rout seen in the U.S., U.K. and Ireland.
Japanese and Australian stock futures were little changed amid concern central banks will struggle to stimulate growth as weakness in the global economy and an unresolved debt crisis in Europe constrains spending.
Japanese and Australian stock futures rose as investors speculated central-bank action to stimulate growth will be enough to offset signs of weakening economic expansion from Asia, to Europe and the U.S.