SYDNEY - Asia stocks hit 27-month highs on Thursday as softer U.S. data narrowed the odds on a September rate cut there, boosting bonds and commodities while dragging on the dollar.
Across the English Channel, polls suggested the National Rally would not win a majority of seats in Sunday's French election as mainstream parties moved to block the far right. S&P 500 futures and Nasdaq futures were steady after reaching another record overnight in the wake of soft economic data. Markets quickly lifted the probability of a September rate cut to 74%, from 65%, while pricing in 47 basis points of easing for this year.With the U.S. economy now seemingly less exceptional, the dollar dropped across the board. The euro was up at $1.0793, and away from its recent low of $1.0666, while the dollar index hit its lowest in three weeks.
Oil prices eased a touch, having gained overnight when a surprisingly large decline in U.S. crude stocks pointed to firmer demand as the U.S. driving season gets underway. Obama Privately Goes Shaky After Offering to Prop Up Biden
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