Five Things You Need to Know to Start Your Day: Asia

Good morning. Wells Fargo becomes Wall Street’s biggest equity bull. Yellen offers China a blunt warning. Dimon touts AI’s “transformational” impact. Here’s what’s moving markets. — Isabelle Lee

There’s a new bull in town. Wells Fargo’s Christopher Harvey just tagged the S&P 500 with Wall Street’s highest target for 2024 among strategists tracked by Bloomberg. Harvey, the firm’s head of equity strategy, lifted his year-end forecast to 5,535 from 4,625. The growth potential from AI technology and an improved earnings outlook are among the drivers he sees, along with longer higher valuation thresholds from investors. Up almost 10% this year, the S&P 500 closed just over 5,200 Monday. Harvey joins firms including Goldman Sachs and Bank of America in ratcheting up 2024 outlooks for US equities. Elsewhere, Treasuries fell across the curve, with 10-year yields hitting the highest levels since November to come within striking distance of 4.5% — a level that some investors view as a threshold that could prompt rates to revisit last year’s highs.