Stocks rose Monday amid a rally in Chinese technology shares, while U.S. equity futures climbed as some of the angst over the prospect of tighter Federal Reserve monetary policy eased. Asia-Pacific equities rose for a second day, helped by a rally in a Hong Kong tech index on bets that the worst of Beijing’s crackdown on the sector may be over. A clutch of markets, including on mainland China, are closed for the Lunar New Year holiday. S&P 500, Nasdaq 100 and European contracts pushed higher. Havens including the dollar, the yen and Treasuries retreated. That suggested an improved investor mood compared with last week, when fears about receding Fed stimulus drove intense market swings. Crude oil climbed, in part on the risk that any Russian invasion of Ukraine could roil energy flows. Gold continued to struggle. Some speculative S&P 500 bets in the futures market are the most bullish since 2018. Monetary-policy decisions from the European Central Bank and Bank of England will help shape the market mood in the days ahead, as will profit reports from the likes of Alphabet Inc. and Meta Platforms Inc. China’s economy continued to slow at the start of the year as manufacturing and services moderated. Goldman Sachs Group Inc.’s economists now predict the Fed will lift its near zero benchmark by 25 basis points five times this year rather than on four occasions. That would take it to 1.25%-1.5% by the end of the year. Bitcoin, the world’s largest cryptocurrency, retreated to around $37,000, nursing a drop of some 20% since the start of 2022. Various speculative bubbles are deflating without significantly affecting financial-market functioning or adversely impacting the economy, Ed Yardeni, president of Yardeni Research, wrote in a note. That reduces “the chances of a recession and a bear market in the S&P 500,” he said.
Nikkei +1,07% Hang Seng +1.07% CSI -1,21% Shanghai -0,97% Shenzen +0,00%
Eur$ 1,1166 CNH 6,3752 CNY 6,3612 JPY 115,44 GBP 1,3425 CHF 0,9312 RUB 77,4140 TRY 13,5340 WTI$ 87,93 Gold 1,788 BTC 37,000 -3% ETH 2510 -3%
S&P +0,17% Nasdaq +0,29% EuroStoxx +1,21% FTSE +0,70% Dax +1,19% SMI +0,94%
Macro :
- *CHINA JAN. MANUFACTURING PMI AT 50.1; EST. 50.0
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