A bounce in stocks paused and US equity futures wavered Monday, hampered by expectations of aggressive interest-rate hikes by the Federal Reserve to tackle the highest inflation in a generation. Retreating tech shares were among the drags on MSCI Inc.’s Asia-Pacific stock index. Covid lockdownsin a Chinese resort island also hit sentiment, while Hong Kong’s move to cut mandatory quarantine failed to ignite much optimism. S&P 500 and Nasdaq 100 contracts fluctuated after global shares completed a third straight advance last week in a rebound from bear-market lows. European futures painted a more upbeat picture, hinting at modest gains.
Strong US jobs data Friday added to the case for more Fed monetary tightening. That’s pushed up Treasury yields and the dollar. A key part of the US bond curve is close to the most inverted level since 2000, suggesting investors foresee a recession ahead as the Fed applies the brakes on the economy. Crude oil remained below $90 a barrel, restrained by worries about the demand outlook. Both gold and Bitcoin struggled to make much progress. Traders now see greater odds of another 75 basis-point Fed hike in September, part of a global wave of rate increases. US inflation data this week could shape views on that policy path and inject more market swings. While price pressures may be topping out, it’s unclear if they will persist a stubbornly high levels. The US Senate passed a landmark tax, climate and health-care bill, speeding a slimmed-down version of President Joe Biden’s domestic agenda on a path to becoming law. Incoming reports showed China’s trade surplus rose to a record. The nation’s economic rebound faces potential global headwinds as well as domestic Covid flareups and property-sector woes.
Nikkei +0,28% Hang Seng -0,78% CSI -0,28% Shanghai +0,15% Shenzen +0,47%
Eur$ 1,0185 CNH 6,7688 CNY 6,7632 JPY 135,25 GBP 1,2079 CHF 0,9613 RUB 61,0135 TRY 17,9397 WTI$ 89,20 Gold 1,773,15 -1,3% BTC 23,380 +4% ETH 1,721,15
S&P +0,00% Nasdaq +0,10% EuroStoxx +0,65% FTSE +0,38% Dax +0,56% SMI
Macro :
- Italian Stocks In Focus After Center-Left Coalition Collapses
- Watch Solar, Wind Stocks After US Senate Passes Landmark Bill
- Hedge Funds Appear to See Everything as Overpriced
- *CHINA JULY TRADE BALANCE 682.7B YUAN; EST. $600.0B YUAN
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