Asian equities were mixed while US and European share futures rose slightly as investors weighed the prospect of more rate hikes and an economic slowdown. The dollar made small gains versus its major peers. Stocks pared gains in Japan and Australia amid cautious sentiment after equities on Wall Street ended lower on Friday. Shares fluctuated in Hong Kong and climbed in Shanghai after the People’s Bank of China kept a key lending rate unchanged and made the smallest net injection of liquidity since November.
Meanwhile in India, information technology stocks plunged as much as 6.5% after software firm Infosys Ltd. slumped the most in three years on weak growth guidance. That weighed on the benchmark Nifty 50, which slid about 1%. S&P 500 futures rose around 0.2%, as did those for the Euro Stoxx 50, while contracts for the Nasdaq 100 were little changed. The S&P 500 climbed 0.8% last week and Nasdaq 100 squeezed out a 0.1% gain as policy-sensitive technology names like Microsoft Inc. and Apple Inc. dragged on the tech gauge. Swaps traders upped bets for a rate increase by June and pricing suggests a quarter point hike has better than three-in-four odds for May. The dollar posted modest gains against its Group-of-10 counterparts. Treasury yields were little changed, with the rate-sensitive two-year hovering at around 4.1%. It was driven higher last week by a measure of March retail sales showing core readings declined less than estimated and comments from Fed officials. Yields on government bonds in Australia and New Zealand climbed. Looking further ahead this week, investors are awaiting the release of the Fed’s Beige Book and commentary from officials including John Williams, Raphael Bostic, Loretta Mester and Lisa Cook. Markets were rattled last week after Fed Governor Christopher Waller said he favored more policy tightening in the central bank’s battle with inflation. Traders have upped wagers for at least one more interest rate increase from the Federal Reserve this year as inflation pressure persists in the US.
Meanwhile, a gauge of market risk dropped to the lowest in more than two months as volatility subsided across assets on easing concern eased over troubles in the banking sector. Much of the focus in Asia will be on China and the strength of its economic recovery. Figures on Tuesday are projected to show gross domestic product expanded 3.9% in the first quarter from a year earlier, well below the government’s target for full-year growth of around 5%. March data may show increases in industrial output, investment and retail sales. In Japan, shares of security companies rose after Prime Minister Fumio Kishida was targeted by an explosive device at an event he attended in central Japan, weeks before he hosts the world leaders for a G-7 summit. There was little discernible impact on wider Japanese markets.
Nikkei +0,12% Hang Seng +0,75% CSI +0,94% Shanghai +1,03% Shenzen -0,10%
Eur$ 1,0987 CNH 6,8789 CNY 6,8765 JPY 134,15 GBP 1,2412 CHF 0,8940 RUB 82,2751 TRY 19,3795 WTI$ 82,45 Gold 2,004,60 BTC 29,981 -1,25% ETH 2,07 0,85%
S&P +0,20% Nasdaq +0,08% EuroStoxx +0,21% Dax +0,17% SMI +0,09%
Macro :
- G7 Leaders Agree to Accelerate Fossil Fuel Phase-Out: Nikkei
- EU Aims to Strengthen Tools to Manage Banking Crisis: El País
- Hedge Funds Go All In on Dollar for First Time in Over a Year
- ECB’s Nagel Expects Core Inflation to Slow Before Summer Break
Keep an eye on :
Keep an eye on :
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