Asian stocks rose, bolstered by shares of commodity-related firms as the price of copper and gold both climbed to record highs. Optimism over eventual Federal Reserve interest-rate cuts supported the rally. MSCI’s gauge of regional equities advanced for a seventh day, with the materials sector posting the biggest percentage increase. Japanese shares led gains, while those in China, Hong Kong and Australia also marched higher, as did European and US futures. Traders refining bets on the Fed finally pivoting toward rate cuts has shaped trading across financial markets in recent days. The Dow Jones Industrial Average of blue chips closed above 40,000 for the first time on Friday, and optimism about US easing helped gold surge to an all-time high on Monday. Investors are also keeping an eye on the Middle East after Iranian President Ebrahim Raisi died in a helicopter crash. President Raisi was seen as a favorite to eventually succeed Supreme Leader Ayatollah Ali Khamenei, who is the Islamic Republic’s top authority. Bloomberg’s dollar index was little changed, after dropping last week when data showed US inflation in April eased more than economists expected. A number of Fed officials are due to speak this week, including Governor Christopher Waller who is set to talk specifically about the US economy and monetary policy. Japan’s benchmark 10-year bond yield climbed to the highest since 2013 amid speculation the central bank is committed to normalizing interest rates and supporting the struggling yen. Copper jumped to a fresh record, extending a rally that’s been driven by investors who have piled into the market in anticipation of deepening supply shortages. Futures on the London Metal Exchange rose above $11,000 a ton for the first time. Developments in the Middle East have the potential to spur haven demand, even though oil was little changed in Asia on Monday. Saudi Arabia’s King Salman Bin Abdulaziz will receive treatment for a lung condition, according to the state-run Saudi Press Agency. King Salman has led the world’s largest oil exporter since 2015. His son Crown Prince Mohammed bin Salman was set to meet Prime Minister Fumio Kishida, Japan’s government spokesman said the trip had been postponed due to concerns over the king’s health. China’s latest attempt to bolster the nation’s beleaguered property market, announced on Friday, was seen by some analysts as a step in the right direction, though possibly too small to end the crisis. Bloomberg Intelligence’s gauge of Chinese developer shares slipped on Monday. The week’s agenda includes economic activity readings in Europe as well as inflation prints in the UK, Canada and Japan. Policy decisions in New Zealand, Indonesia, South Korea and Chile are also due, while Nvidia Corp. is set to report earnings.
Nikkei +0.65% Hang Seng +0.56% CSI +0.38% Shanghai +0.57% Shenzen +0.33%
Eur$ 1.0832 CNH 7.2383 CNY 7.2306 JPY 155.71 GBP 1.2706 CHF 0.9090 RUB 90.9955 TRY 32.21 WTI$ 80.23 +0.21% Gold 2,446 +1.28% BTC 67,111 +1.44% ETH 3,119 +1.45%
S&P +0.15% Nasdaq +0.21% EuroStoxx +0.14% FTSE +0.21% Dax +0.12% SMI Closed
Macro :
- Iran Media Says President, Foreign Minister Dead: TOPLive
- Gantz Says He’ll Quit Unless Netanyahu Moves to New War Plan
- Chinese Property Firm’s ADRs Surge 321% on Xi’s Rescue Plan
- Goldman Sees Fear of Underperforming as Retail Crowd Returns
- Goldman Sees Fear of Underperforming as Retail Crowd Returns
- Deutsche Bank Strategists Boost S&P 500 Year-End Target to 5,500
- Morgan Stanley Strategists Raise S&P 500, MSCI Europe Targets
- VIX Index Closes at Lowest Since 2019 as S&P 500 Grinds Higher
- US Says Undersea Cables at Risk of Tampering by China Ships: WSJ
Keep an eye on :
- AAPL US : Apple’s 27% App Store Fee Plan Gets Skeptical Reception by Judge
- AAPL US : Apple Will Need to Change in Order to Thrive in AI Era: Power On
- AAPL US : Apple COO Jeff Williams visited TSMC to Discuss AI Chips: EDN
- ATO FP : Atos Bondholders Oppose Kretinsky Bid for Company, Tribune Says
- BAS GY : Germany Approves Sale of Wintershall DEA to Harbour Energy: DPA
- BHP LN : BHP Debates Improved Bid as Time Runs Out in Anglo Takeover Saga
- BA US : Aviation24: Boeing’s Starliner faces another delay due to helium leak
- BLND LN : Norwegian Asset Manager Buys Meadowhall Mall From British Land
- CBK GY : Russian court seizes assets worth €700mn from UniCredit, Deutsche Bank and Commerzbank
- DBK GY : Russian court seizes assets worth €700mn from UniCredit, Deutsche Bank and Commerzbank
- FER SM : Ferrovial plots sale of UK regional airports as Heathrow deal falters
- HBR LN : Germany Approves Sale of Wintershall DEA to Harbour Energy: DPA
- IBE SM : Iberdrola to Buy Remaining Avangrid Stake for $2.55 Billion
- JCI US : Elliott Said to Build $1 Billion-Plus Stake in Johnson Controls
- JUVE IM : Juventus Football Club Says Manager Allegri Dismissed
- JUVE IM : Juventus Football Club Says Manager Allegri Dismissed
- KWS LN : EQT in Advanced Talks to Buy Keywords Studios for £25.50/Share
- META US : Meta’s Plan to Win AI Race: Give Its Tech Away Free - WSJ
- OX2 SS : EQT Has Through Acquisitions Secured 55.43% of Shares in OX2
- PST IM : Calvert Backs Poste Italiane on 10 of 12 Proposals May 31
- Revolut : Revolut Plans $500 Million Share Sale for Employees to Cash in
- RYA ID : Ryanair FY Revenue Meets Estimates
- SAB SM : Sabadell Investor Martinez Is Said to Back BBVA’s Hostile Bid
- TEF SM : Telefonica, H.I.G. Said to Be Among Suitors for Spain’s Avatel
- TSLA US : Tesla doing damage-control, discounts for European fleet buyers
- UBI FP : Ubisoft's New Assassin Game Shows Signs of Strong Sales: React
- UCG IM : Russian court seizes assets worth €700mn from UniCredit, Deutsche Bank and Commerzbank
- X US : Nippon Steel Boosts Efforts to Woo US Steel Workers, Politicians
- VOW GY : Lamborghini CEO Sees Fully Electric Supercars a Ways Off