Asia markets set to mostly extend gains on rate cut optimism; RBA decision in focus

Asia-Pacific markets were set to extend gains from the previous session as Wall Street rose overnight on expectations that the Federal Reserve will cuts interest rates.

Macroeconomic uncertainties may have pushed consumers - particularly those from China - to tighten their purse strings and reduce spending on luxury goods. However, Barclays notes that several companies in the sector make good plays right now. According to earnings data provider LSEG, aggregate earnings for the Magnificent Seven are expected to soar 49% year over year. In contrast, the other 493, which reports results on May 22. The chipmaker's earnings are expected to surge more than five times last year's levels. Nvidia alone is expected to make up more than one-third of the 7% earnings growth the entire S&P 500 is now seeing this season.

Signage for the Shanghai Stock Exchange in Pudong's Lujiazui Financial District in Shanghai, China, on Jan. 29, 2024.

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