• By The Financial District

ASIA STOCKS RISE A TAD AS WORRIES OVER FED PIVOT EASE

Most Asian stocks rose Tuesday, June 22, 2021, tracking a US equity rebound as the prospect of gradual policy tightening tempers some of the concerns about the Federal Reserve’s hawkish tilt. Treasuries and the dollar clawed back some losses, Andreea Papuc reported for Bloomberg News.

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Japan outperformed, while Australia also advanced. Hong Kong fluctuated and China opened with subdued gains. The S&P 500 rallied the most in five weeks, outperforming the technology-heavy Nasdaq 100, aided by a revival of the value trade in sectors like energy and financials. US equity contracts were steady.


Yields on longer-dated Treasuries rebounded in the US session Monday, even as short-end rates remained firmly anchored. That undid some of the curve-flattening that swept across markets after Fed officials last week accelerated their expected pace of policy tightening.


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Brent oil hit $75 a barrel for the first time since April 2019. Bitcoin sank closer to $30,000 after China intensified its cryptocurrency clampdown.


S&P 500 futures were little changed as of 10:27 a.m. in Tokyo. The index advanced 1.4%. Nasdaq 100 futures were steady. The gauge rose 0.6%. Topix index climbed 2.4%. Australia’s S&P/ASX 200 Index added 1.2%. Kospi index rose 0.5%. Hang Seng Index rose 0.3%. Shanghai Composite Index rose 0.3%. The yen was little changed at 110.27 per dollar. The offshore yuan traded at 6.4688 per dollar.


The Bloomberg Dollar Spot Index rose 0.1% after falling 0.4%. The euro was at $1.1904. The yield on 10-year Treasuries slipped about two basis points to 1.47%. Australia’s 10-year bond yield jumped five basis points to 1.57%. West Texas Intermediate crude slipped 0.1% to $73.60 a barrel. Gold was at $1,784.13 an ounce, Heather Burke reported for Bloomberg News.



WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC

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