Stocks in Asia and US futures advanced Monday after China eased some virus curbs and Wall Street had its best week since November 2020. Japanese and Hong Kong equities led gains, while S&P 500 and Nasdaq 100 contracts climbed in a sign the bounce may have further to run. The S&P 500wiped out its May losses and snapped a string of seven weekly declines as institutional investors rebalanced portfolios into the end of the month. China’s yuan outperformed after the nation reportedfewer Covid-19 cases in Beijing and Shanghai. That spurred the government to ease some of the strict virus controls to stimulate sagging growth. Chinese stocks had more modest gains. The dollar slipped for a third day versus major peers as havens lost their appeal amid the improved mood. Oil traded near $116 a barrel as the European Union failed to agree on a revised package of Russian sanctions. Cash Treasuries won’t trade in Asia because of the US Memorial Day holiday. Trader are pondering whether the bottom of the selloff is near as investors have been buying the dip after one of the worst starts to the year for equities. However, a wall of worries remains from hawkish central banks underscoring fears of a recession, escalating food inflation from the war in Ukraine and China’s lockdowns stunting economic activity. Traders will be looking to the US payroll numberslater this week to gauge the Federal Reserve’s tightening path as it strives to rein in inflation. Meanwhile, the Fed is set to start shrinking its $8.9 trillion balance sheet starting Wednesday. Asia’s coal benchmark rallied to the highest on record as India moved to secure shipments, tightening supplies in the region.
Nikkei +2.26% Hang Seng +1.87% CSI +0.65% Shanghai +0.49% Shenzen +0.89%
Eur$ 1.0757 CNH 6.6154 CNY 6.6482 JPY 126.98 GBP 1.2647 RUB 66.3671 CHF 0.9564 TRY 16.33 WTI$ 116.04 +0.84% Gold 1,861.51 +0.42% BTC 30,290 +3.87% ETH 1;871.62 +4.26%
S&P +0.81% Nasdaq +1.46% EuroStoxx +0.81% FTSE Closed Dax +0.67% SMI +0.75%
Macro :
- European Luxury Stocks May Be Active as China Eases Virus Curbs
- Watch Europe Oil Stocks as Crude Rises, Brent Tops $120
- BofA Quant Sees More US Tech Losses Amid High Rates, Crowding
- German Machine Makers Lobby to Cut Output Forecast, Welt Says
- Germany Won’t Spend 2% of GDP on Defense Every Year, FAS Reports
Keep an eye on :
- ARYN SW : Aryzta 3Q Revenue EU433.9M, Up 22.6% Organically
- EURN BB : Frontline Buys 2.95% of Euronav Issuing 8.34 Million New Shares
- EAPI FP : EuroAPI Expands Sanofi Collaboration on mRNA Vaccines
- FOXT LN : Foxtons to Name Guy Gittins as CEO, Replacing Nic Budden: Sky
- GLEN LN : Glencore Bribery Cases Draw in Billionaire Former Executives
- SDF GY : K+S Drops Amid Weaker Potash Prices, Russia Sanctions Concerns
- PST IM : Poste Italiane Starts Share Buyback Programme
- RHM GY : Germany Won’t Spend 2% of GDP on Defense Every Year, FAS Reports
- RWE GY : German Judges Seek Evidence in Peru on RWE Climate Change Case
- SAN FP : EuroAPI Expands Sanofi Collaboration on mRNA Vaccines
- SPM IM : Saipem Appoints Calcagnini Chief Financial Officer
- SPM IM : Saipem, Havfram to Evaluate Cooperation in Offshore Wind
- SEM PL : Semapa 1Q Net Income EU42M Vs. EU25.4M Y/y
- SPI AV : S Immo 1Q Net Income EU24.1M
- SKAB SS : Skanska Redevelops Army Storage Facility in UK for SEK3.2b
- TIT IM : Telecom Italia, Italy’s CDP Sign Preliminary Single Grid Pact
- TED LN : Authentic Brands in Talks to Buy Ted Baker for £300 Million: Sky
- TSLA US : Musk Says Gates Has ‘Multi-Billion Dollar’ Tesla Short Position
- UMI BB : Goldman Says Bull Market in Battery Metals Is Finished for Now
- XIOR BB : Xior Buys EU939M Student Accommodation Portfolio from Basecamp
- ZEAL DC : Zealand Pharma CEO Targets Partners in Obesity Market: Borsen