Treasuries fell, extending Friday’s selloff after Federal Reserve Chair Jerome Powell said policymakers will likely wait beyond March before cutting interest rates. Chinese stocks swung after signals of official support. US 10-year yields climbed around five basis points in Asia after jumping 14 basis points Friday following stronger-than-expected payroll data. The “danger of moving too soon is that the job’s not quite done,” Powell said in an interview on CBS’s 60 minutes that was screened Sunday in the US. The Treasury declines sent waves across Asian bond markets, weighing on government debt in Australia and New Zealand. Chinese government bonds were an outlier, where 10-year yields fell around two basis points. Hong Kong and mainland China stocks advanced from earlier losses after the China Securities Regulatory Commission issued another statement Monday, pledging to monitor closely and take effective measures to prevent stock pledging risks. The commission on Sunday said it would act to prevent abnormal fluctuations, and guide more medium- and long-term funds into the market. Benchmarks in Australia and South Korea declined as did US equity futures after the S&P 500 Index climbed 1.1% to a new record on Friday. A strong run of performances for the US benchmark comes as February begins — historically one of the rockiest month of the year for US stocks. The dollar strengthened against most of its major peers after Powell’s hawkish comments. The yen crept lower to trade at around 148 per dollar. Investor bets for a rate cut in March by the Fed tumbled Friday to around 20% from almost 40% on Thursday, as economic resilience reduces the likelihood of imminent policy easing. Despite forecasts for a March rate cut weakening, “this market still expects five rate cuts this year,” Ed Yardeni, president of Yardeni Research wrote in a note. “Fed officials are likely to continue to push back against that notion of so much cutting.” Oil edged higher as the US vowed more strikes against Iran’s forces and proxies while the Houthis promised to retaliate against bombardments over the weekend. Gold weakened. Former US President Donald Trump also signaled he may impose a tariff on Chinese goods of more than 60% if elected, in a fresh round of hawkish rhetoric aimed at the largest supplier of goods to the US.
Nikkei +0.54% Hang Seng -0.09% CSI +0.41% Shanghai -1.24% Shenzen -3.76%
Eur$ 1.0780 CNH 7.2114 CNY 7.1964 JPY 148.37 GBP 1.2610 CHF 0.8680 RUB 90.7435 TRY 30.5304 WTI$ 72.59 +0.42% Gold 2,029.50 -0.51% BTC 42,725 -0.08% ETH 2,292 -0.33%
S&P -0.20% Nasdaq -0.22% EuroStoxx +0.17% FTSE +0.18% Dax +0.10% SMI +0.03%
Macro :
- Head-Spinning China Equity Swings Mean Little for US, Europe
- Germany’s Lindner Wants to Abolish Solidarity Surcharge
- California’s Coast to Be Battered by High Winds, Heavy Rain
- Europe’s Leaders Can’t Count on 2024 Vote Boost From Economy
- Europe’s Leaders Can’t Count on 2024 Vote Boost From Economy
- Red Sea Danger Is Spurring Global Oil Buyers to Go Local
- Hedge Funds’ Mega Returns Set Off Demand Spiral for ‘Cat’ Bonds
- Biden decision will ‘erode confidence’ in LNG industry, Shell CEO says
Keep an eye on :
Keep an eye on :
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