(Bloomberg) – Asian stocks and US futures were flat on Monday as traders weighed inflation risks, the outlook for China and looming earnings reports from big tech companies. The Turkish lira slipped to an all-time high amid a diplomatic row.
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Stocks fell in Japan and were mixed in China, where the central bank boosted a daily cash injection and authorities broadened a property tax trial. Signs that it would take at least five years before authorities impose a stronger national property tax on industrial metals, including iron ore.
The S&P 500 and Nasdaq 100 futures fluctuated and the 10-year US Treasury yield edged up. Federal Reserve Chairman Jerome Powell signaled on Friday that inflation could stay higher for longer. He said the Fed would soon start cutting its bond purchases, but would remain patient in the face of rate hikes. The dollar and the yen slipped.
The pound fell after Turkish President Recep Tayyip Erdogan said 10 ambassadors, including the United States, Germany and France, were no longer welcome. They had demanded the release of a businessman and philanthropist.
Global equities have remained resilient despite risks from price pressures fueled by supply chain bottlenecks and rising energy costs. Treasury Secretary Janet Yellen is among those who advise the inflation picture to reflect temporary pain that will subside in the second half of 2022. Investors fear that a tightening of monetary policy to control inflation does not fuel volatility.
The Fed is becoming more hawkish as it reacts to inflationary pressures, so we can expect more rate hikes than the market is currently anticipating, Rajeev de Mello, managing director of Deep Learning Investments, said on Bloomberg Television. There is fear that a faster cut or a more hawkish Fed creates the risk of a slowdown.
The story continues
Traders are also monitoring an outbreak of the delta virus strain in China that is expected to worsen. The nation has sought to allay concerns about the slowing economy with a lengthy state media commentary describing how the government is managing risk and remaining confident in achieving its goals for the year.
This new Covid cluster will likely mean retail sales are going to be a bit weaker by the end of the year, said Julia Wang, global market strategist at JPMorgan Private Bank, on Bloomberg Television. That said, the overall impact is expected to be short-lived, as we can see that authorities generally improve with the testing, tracing, and containment of these clusters.
In the United States, the five largest tech companies are expected to release their results in the coming days, heralding a test of investor sentiment. Elsewhere, the meeting of European central banks this week will be closely watched for advice on its pandemic bond purchase program.
Gold rose to around $ 1,800 an ounce and crude oil continued its rally. Saudi Arabia said the OPEC + alliance should maintain its cautious approach to managing global crude supplies given the continued demand threat posed by the pandemic. Bitcoin was trading around $ 62,000.
Here are some events to watch this week:
Profits: Amazon, Apple, Facebook, Microsoft, Twitter, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group
Australia CPI, Wednesday
US wholesalers’ inventories, US durable goods, Wednesday
Bank of Japan Monetary Policy Decision Briefing Thursday
ECB decision on rates, briefing by President Christine Lagarde, Thursday
US GDP, first jobless claims, Thursday
Joint meeting of G-20 finance and health ministers ahead of weekend leaders’ summit on Friday
For more market analysis, read our MLIV blog.
Some of the main movements in the markets:
S&P 500 futures rose 0.1% at 6:22 a.m. in London. The S&P 500 fell 0.1%
Futures on the Nasdaq 100 rose 0.1%. The Nasdaq 100 fell 0.9%
Japan’s Topix index fell 0.4%
Australian S & P / ASX 200 index rose 0.3%
South Korea’s Kospi index rose 0.4%
Hong Kong’s Hang Seng index remained stable
China’s Shanghai Composite Index rose 0.3%
Euro Stoxx 50 futures soar 0.2%
The Japanese Yen was trading at 113.64 per dollar, down 0.1%
The offshore yuan was trading at 6.3784 to the dollar
Bloomberg Dollar Spot Index Plunged 0.1%
The euro was at $ 1.1659
West Texas Intermediate crude rose 0.9% to $ 84.53 a barrel
Gold was at $ 1,798.60 an ounce, up 0.3%
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