The euro fell to its lowest in a month after French President Emmanuel Macron called a snap vote in the wake of European Parliament elections. Asian currencies declined on the heels of a strong US jobs report from Friday. The common currency dropped as much as 0.5%, retreating alongside the futures for European equities and French bonds. Gains for a far-right party in the vote — which were in line with expectations — led Macron to call a snap legislative ballot for his country in a bid to stop the rise of his far-right rival Marine Le Pen. German Chancellor Olaf Scholz’s Social Democrats suffered a record rout, while Prime Minister Giorgia Meloni’s right-wing party appeared to be the winner in Italy. Apart from European politics, it was a rethink on Federal Reserve interest-rate cuts and eased concern about an economic slowdown following Friday’s solid US jobs report that shaped trading on Monday. The yield on 10-year Treasuries advanced for a third day, while the South Korean won and the Malaysian ringgit slid. MSCI’s Asia-Pacific stock index was slightly lower. Japan’s Topix rose, with insurance firms leading the advance on expectations of higher fixed-income yields boosting profitability. Markets in China, Hong Kong, Taiwan and Australia were closed for holidays. The latest US jobs figures highlight a labor market that continues to defy expectations and blunt the impact on the economy from high interest rates and prices. Investors may glean more on the Fed’s resolve to ease monetary policy when US policymakers update their forecasts for interest rates on Wednesday. The Bank of Japan’s next announcement is scheduled for Friday, and economists expect it to keep policy steady. Oil edged higher after a weekly drop with the market still digesting OPEC+’s decision to restore supply, as traders look ahead to a set of industry reports and a Federal Reserve decision on interest rates. Also in the Middle East, Benny Gantz resigned from Israel’s emergency government and called for elections, criticizing Prime Minister Benjamin Netanyahu over his handling of the war against Hamas. His exit deprives the government of a moderate voice, leaving Netanyahu more reliant on his right-wing coalition partners.
Nikkei +0.88% Hang Seng Closed CSI Closed Shanghai Closed Shenzen Closed
Eur$ 1.0749 CNH 7.2701 CNY 7.2477 JPY 157.08 GBP 1.2714 CHF 0.8973 RUB 89.0455 TRY 32.3875 WTI$ 75.72 +0.25% Gold 2,295 +0.07% BTC 69,567 -0.17% ETH 3,686 -0.37%
S&P +0.01% Nasdaq +0.01% EuroStoxx -0.53% FTSE -0.66% Dax -0.32% SMI -0.42%
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