Stocks in Asia and US futures rose Monday as Beijing reopened further, helping soothe a fragile mood as inflation and rate hike concerns weigh. Oil gained. Japan equities erased losses, while technology shares jumped in Hong Kong. China advanced with the capital walking back Covid-19 restrictions. Australian stocks fell, bucking the trend, ahead of an expected second consecutive interest-rate increase Tuesday. S&P 500 and Nasdaq 100 futures rose. Treasury yields stabilized. Strong US hiring data for May suggested that the Federal Reserve won’t waver from its pace of steep interest-rate hikes to rein in price pressures. The next focus is consumer prices due this week, which can help gauge whether inflation has peaked. A dollar gauge was steady.
Crude oil traded near $120 a barrel as shortage worries persist. Saudi Arabia raised prices for its biggest market of Asia by more than expected, and the US was considering allowing more sanctioned Iranian oil onto global markets to counter the drop in Russian supplies. Copper hit the highest since April on China’s easing of virus measures. Investors are fretting that a restrictive Fed could plunge the economy into recession, while China’s lockdowns to control virus outbreaks have chocked economic activity and snarled supply chains, adding to inflation worries. The US jobs report quelled some concern that the economy is slowing too sharply, but also strengthened the view that the Fed will keep hiking rates to tamp down on rising inflation. Cleveland Fed President Loretta Mester said she would back a half-point hike in September if inflation is not retreating. Market-derived odds for a third 50-basis-point increase in September held steady near 85%. The European Central Bank will this week announce an end to bond purchases and formally begin the countdown to an increase in borrowing costs in July, joining global peers tightening monetary policy in the face of hot inflation. the pound was steady amid risks around a confidence vote on British Prime Minister Boris Johnson’s leadership. BTC Trading Back above the 30,000, Trying to escape the zone.
Nikkei +0,30% Hang Seng +1,07% CSI +1,32% Shanghai +0,92% Shenzen +2,07%
Eur$ 1,0723 CNH 6,6608 CNY 6,6544 JPY 130,48 GBP 1,2494 CHF 0,9617 RUB 62,9750 TRY 16,4925 WTI$ 119,81 +0,70% Gold 1,855,60 +2,2% BTC 31,115 +3,4% ETH &,877,60 +3%
S&P +0,52% Nasdaq +0,69% EuoStoxx +0,66% FTSE +0,97% Dax +0,64% SMI
Macro :
- Europe Luxury Stocks May Be Active as Beijing Loosens More Curbs
- Bitcoin Heads Higher in Attempt to Escape $30,000 Level
- Copper Hits Highest Since April as China Rolls Back Covid Curbs
- Biden to Spur Renewables Projects Stalled by Solar Trade Probe
- London Transport Advises Against Monday Travel Because of Strike
- ECB Is Ready to Tighten Just as Global Peers Speed Up: Eco Week
- Citi CEO Sees Recession Risk; BofA on ECB Hikes: Financial Wrap
- Russell 1000 Set to Add 45 Stocks in Annual Index Shuffle
- Keurig Dr Pepper, Vici Properties, ON Semi to Join S&P 500
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