Stocks and futures showed a degree of stabilization in Asia Monday with investors weighing the regulatory outlook for Chinese technology companies and bets on monetary policy easing. Treasuries pared some of Friday’s rally.
U.S. and European futures pushed higher while Japan’s benchmark had a modest decline. And index of Chinese tech stocks traded in Hong Kong retreated for a third day. Mainland China shares fluctuated and government bonds rallied amid bets the central bank will soon ease monetary policy to aid growth. Chinese Premier Li Keqiang signaled an upcoming cut in the amount of cash banks must keep in reserve -- and the Securities Daily reported the cut could come as soon as this month.
China’s securities watchdog on Sunday tried to play down fears over Chinese companies’ withdrawal from American exchanges. Didi Global Inc.’s plan to switch its listing to Hong Kong from New York sent the nation’s shares in the U.S. tumbling and sparked fears others might follow.
Treasury yields rose, trimming Friday’s plunge that sent the 10-year yield closer to 1.30%. The dollar edged higher. Attention turns to U.S. consumer prices which are expected to show the largest annual advance in decades, keeping pressure on the Federal Reserve to deliver swifter policy tightening.
While markets are jittery about omicron, South Africa reported that the variant is not fueling a surge in hospitalizations, and U.S. medical adviser Anthony Fauci said there didn’t seem to be “a great degree of severity to omicron,” while cautioning it’s too early to be certain. Moderna Inc.’s president said there’s a “real risk” that existing vaccines will be less effective against omicron.
Elsewhere, gold held an advance and oil rose after Saudi Arabia boosted the prices of its crude. Cryptocurrencies got swept up in the risk-off wave, with Bitcoin plunging on Saturday and currently sitting below $50,000.
Nikkei -0.36% Hang Seng -1.82% CSI -0.09% Shanghai -0.40% Shenzen -1.13%
Eur$ 1.1281 CNH 6.3725 CNY 6.3716 JPY 113.10 GBP 1.3225 CHF 0.9214 RUB 73.7422 TRY 13.8410 WTI$ 68 Gold 1784.90 BTC 48,300 -900 ETH 4084 -95
S&P +0.51% Nasdaq +0.17% EuroStoxx +1.10% FTSE +0.82% Dax +1.05% SMI +0.75%
Macro :
- Italy’s Debt Rating Raised at Fitch on Robust Economic Outlook
Keep an eye on :
Macro :
- Italy’s Debt Rating Raised at Fitch on Robust Economic Outlook
Keep an eye on :
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