Asian stocks were mixed and U.S. equity futures were steady Monday amid a mood of caution as traders evaluated spiking coronavirus cases and a weekend pledge of greater economic support from China’s central bank.
Shares declined in Japan and fluctuated in China, while S&P 500 and Nasdaq 100 contracts edged up following an all-time high for U.S. stocks on Thursday before the Christmas break.
The U.S. 10-year Treasury yield slipped, West Texas Intermediate crude fell and gold retreated. A dollar gauge ticked higher. Reports indicated new daily U.S. infections with the omicron virus variant have surpassed those in the delta wave, while China posted the highest number of local cases since January. The pathogen is causing disruption, including the cancellation of almost 2,400 flights over the holiday weekend in the U.S.
In China, the central bank on Saturday pledged greater support for the real economy and said it will make monetary policy more forward-looking and targeted, amid expectations of easing as a property slowdown saps growth.
China’s possible policy loosening contrasts with steps by the Federal Reserve and other central banks to fight high inflation by scaling back stimulus. The outlook for monetary policy, the virus and company earnings are shaping thinking about whether global stocks can keep rising after nearly doubling from pandemic lows.
Chinese regulators also plan tighter scrutiny of overseas share sales by domestic firms and intend to ban those that could pose a national security threat, Beijing’s latest step to crack down on listings abroad.
In Turkey, President Recep Tayyip Erdogan said the nation has abandoned interest-rate hikes as a tool to control price pressures.
In cryptocurrencies, Bitcoin was trading at about $50,500 after a steady weekend.
Nikkei -0.37% Hang Seng +0.13% CSI -0.18% Shanghai -0.18% Shenzen -0.06%
Eur$ 1.1324 CNH 6.3718 CNY 6.3700 JPY 114.41 GBP 1.3414 CHF 0.9193 RUB 73.5795 TRY 11 WTI$73.28 -0.69% Gold 1,810.75 -0.35% BTC 50,970 +0.32% ETH 4,080 -0.13%
S&P +0.06% Nasdaq +0.18% EuroStoxx -0.26% FTSE / Dax -0.23% SMI
Macro :
- China PBOC Injects Net CNY40 Bln via Monetary Tools; Details
- Brent Oil Climbs as Investors Weigh Spread of Omicron, Demand
- Evergrande Races to Restart Projects as Debt Repayments Loom
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