Asian stocks took a breather on the last trading day of the year and are set to snap their two-year losing streak with investors buoyed by the expectations that the Federal Reserve will start cutting interest rates next year.
MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed on Friday but lurked near a five month peak and was headed for a 5% gain in the year after two years of heavy losses.
The index is up over 11% in the last two months as investors ramped up bets that central banks were done raising interest rates and would soon start easing.
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