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Mixed stocks; Dollar, treasury bills rise cautiously: markets roll up

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This content was published on March 22, 2021 – 01:47

(Bloomberg) – Asian stocks fluctuated to start the week, with investors worried about bond yields and inflation as economic activity picked up. The turkey pound fell after the head of the central bank was replaced.

US equity futures have flipped between red and green. MSCI Inc.’s Asia-Pacific gauge fell due to lower stocks in Japan and South Korea. China, Hong Kong and Australia were higher. The Turkish lira fell 15% at the start of Asian talks after President Recep Tayyip Erdogan ousted the central bank governor following a sharper-than-expected interest rate hike. The dollar rose against most of the group of 10 currencies.

The S&P 500 Index weakened slightly on Friday as the financial sector fell after the Federal Reserve allowed a momentous pause for big banks to expire. The highly technological Nasdaq 100 recovered from the Thursday crisis. Oil fell after its worst week since October.

A long list of Treasury auctions will keep the bond market leading this week. Ten-year yields slipped below 1.70%, just below the highest levels in around 14 months.

Investor concerns about the possibility of rising interest rates dominate the equity and bond markets. The bond sale propelled yields higher and fueled a growth rotation towards value stocks. Inflation expectations have climbed on an improving growth outlook, which some say could force the Fed to tighten monetary policy sooner than its current forecast suggests.

Fed Chairman Jerome Powell reiterated in a Wall Street Journal editorial that the central bank will provide aid to the economy for as long as it takes. Richmond Fed Chairman Thomas Barkin said in an interview with Bloomberg TV on Sunday that there were no signs of unwanted inflationary pressures yet.

Clearly, the market is skeptical of the Fed’s ability to hold interest rates at current levels over the next three years, said Diana Mousina, senior economist at the multi-asset group of AMP Capital Investors Ltd. . We believe that nominal bond yields may rise further in the short term to around 2% and above due to inflation concerns. Markets are likely to fear that this development will be permanent rather than temporary.

A central bank exemption that allowed lenders to charge on treasury bills and deposits without setting aside additional capital to write off losses will expire on March 31. The regulator also said it plans to further modify this additional leverage ratio, or SLR.

Meanwhile, the European Union is set to block exports of the AstraZeneca Plc vaccine to the UK until the drug maker meets its delivery obligations to the block. The pound has weakened.

Here are some key events to watch out for this week:

  • Fed Powell chairman is the first to appear at the BIS Innovation Summit on Monday, a virtual gathering of major central bankers. He speaks alongside Bundesbanks Jens Weidmann on the evolution of the digital age. BCEs Christine Lagarde, BOEs Andrew Bailey, and leaders from Sweden, Canada, Mexico and Brazil all follow suit.
  • Powell and Treasury Secretary Janet Yellen are expected to make their first joint appearance before the U.S. House Financial Services Committee to testify on Tuesday on the Fed and Treasury pandemic policies.
  • The US Treasury holds two-, five- and seven-year debt auctions.
  • EIA Crude Oil Inventory Report Wednesday.
  • U.S. personal income and spending data on Friday followed $ 600 stimulus checks, but before the latest round of $ 1,400 payments started hitting U.S. bank accounts.

Here are some of the main developments in financial markets:

Stocks

  • Futures on S&P 500 fell 0.2% at 10:30 a.m. in Tokyo. Nasdaq 100 futures rose 0.1%.
  • The Topix index fell 1.5%.
  • The Australias S & P / ASX 200 index gained 0.4%.
  • The South Koreas Kospi index fell 0.3%.
  • The Hang Seng index has fluctuated.
  • The CSI 300 index rose 1.2%.
  • Euro Stoxx 50 futures fell 0.3%.

Currencies

  • The yen was little changed at 108.90 to the dollar.
  • The Bloomberg Dollar Spot Index rose 0.2%.
  • The euro fell 0.2% to $ 1.1881.
  • The pound fell 0.4% to $ 1.3824.
  • The Australian dollar fell 0.4% to 77.08 cents US.

Obligations

  • The yield on 10-year Treasuries fell about three basis points to 1.69%.
  • The yield on Australian 10-year bonds fell about four basis points to 1.77%.

Basic products

  • West Texas Intermediate crude fell 1.1% to $ 60.74 a barrel.
  • Gold fell 0.7% to $ 1,733.91 an ounce.

(A previous version corrected the magnitude of the decline in Turkish Lira.)

2021 Bloomberg LP

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