Most Asian stocks fell Monday and iron ore sank as concerns about a wave of monetary tightening and slowing growth hurt sentiment. MSCI Inc.’s index of Asia-Pacific shares dropped for an eighth day, the longest such stretch since February 2020. China managed to buck the wider trend, continuing a recent spell of outperformance amid global weakness. S&P 500 and Nasdaq 100 contracts were in the green but off session highs. A dollar gauge edged lower. Economic pessimism weighed on commodities: crude oil added to a near-7% Friday plunge, while iron ore sank about 7%.
Bitcoin slid back below the closely-watched $20,000 mark. A volatile crypto slump has become emblematic of the pressure on a range of assets from sharp Federal Reserve interest-rate hikes to tame high inflation. Treasury futures advanced -- there’s no cash trading due to a US holiday. Markets are set to remain on edge amid elevated price pressures and concern that monetary tightening in a range of nations portends more losses. In the latest Fed commentary, Governor Christopher Waller said he would support another 75-basis-point rate increase at the central bank’s July meeting should economic data come in as he expects. Bank of Cleveland Fed President Loretta Mester said the risk of a US recession is increasing, adding it will take several years to return to the 2% inflation goal. Fed Chair Jerome Powell is due to appear before US lawmakers this week.
Nikkei -1.15% Hang Seng +0.13% CSI +0.79% Shanghai +0.10% Shenzen +1.45%
Eur$ 1.0526 CNH 6.6738 CNY 6.6735 JPY 134.93 GBP 1.2245 CHF 0.9666 RUB 56.6406 TRY 17.3409 WTI$ 109.29 -0.25% Gold 1,843.90 +0.25% BTC 20,034 -2.78% ETH 1,081.12 -5.20%
S&P +0.28% Nasdaq +0.56% EuroStoxx -0.17% FTSE -0.15% Dax +0.05% SMI -0.30%
Macro :
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