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Most stocks are going up; India slips on virus tip: envelopment of markets




(Bloomberg) – Most Asian stocks climbed with US futures on Monday as investors weighed a surprisingly strong US jobs report and bonds stabilized after earlier losses.

A regional equity benchmark edged up, with gains in Japan and South Korea. Shares in India fell the most in five weeks with more than 100,000 new cases of Covid-19 recorded in 24 hours. Many markets were closed for the holidays, including China and Hong Kong, as well as much of Europe. S&P 500 futures extended gains from Friday on a payroll report showing U.S. employers created the most jobs in seven months. Treasuries rebounded after a sell off last week, with the benchmark 10-year yield stabilizing around 1.71%.

Oil fell after OPEC + leaders decided to boost production and the spike in infections in India underscored the risks to energy demand. Commodity-linked currencies underperformed and a US dollar gauge rose.

Investors are watching debate over US President Joe Bidens’ $ 2.25 trillion infrastructure proposal, as Republicans have expressed cautious support for a more limited plan. The bond markets’ reaction so far has been muted, with inflation fears dissipating amid doubts about the sustainability of more generous spending, even as central banks remain determined to keep interest rates lower. Longer.

The reassessment of inflation risk and US rates, which will impact discount rates for future earnings and how stocks are valued, is a source of uncertainty, said Johanna Chua, chief economist of Citigroup Global Markets. The other uncertainty is the pace of vaccinations and the virus.

Made in USA Reflation Trade is an export world does not want

On the vaccine front, the news was more encouraging. China is stepping up its vaccination campaign, aiming to be twice as fast as the United States, and a program executive from the world health organizations said the vaccine rollout will be expanded to 100 countries in the coming weeks, against 84 currently.

Some key events to watch this week:

The story continues

The Reserve Bank of Australia delivers its policy decision Tuesday. The US Federal Reserve releases the minutes of its March meeting on Wednesday. Japan releases its balance of payments figures Thursday. China’s production is expected on Friday. Fed Chairman Jerome Powell takes part in an IMF panel on the global economy on Friday.

Here are some of the main developments in financial markets:


Futures on S&P 500 were up 0.3% at 3:40 p.m. Tokyo time. They rose 0.4% on Friday. The Japan Topix index rose 0.6%. Korea’s Kospi index climbed 0.3%.


The Bloomberg Dollar Spot Index rose 0.2%, the yen was at 110.65 per dollar, the euro rose 0.1% to $ 1.1752, the Australian dollar rose 0.1 % at 76.06 US cents.


The yield on the 10-year Treasury bill remained stable around 1.71%.

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West Texas Intermediate crude fell 1.2% to $ 60.70 per barrel, while gold fell 0.2% to $ 1,725 ​​per ounce.

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