ASX to rally, Fed poised to pause, China cuts rates

News Snapshot:

The yield on the US 10-year note was 9 basis points higher to 3.83 per cent at 3.49pm in New York. On Wall Street, materials paced nine of the 11 S & P 500 industry sectors higher. Utilities and communication services slipped. Bank of America’s latest monthly survey of global fund managers found that they are rushing to catch the tech wave with long big tech the most crowded trade at 55 per cent. The next ‘most crowded’ trade is short China equities at 13 per cent. The survey also found that the vast majority of these investors anticipate inflation...