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ASIA STOCKS STEADY BUT U.S. FUTURES SLIP
- By The Financial District
- Jun 7, 2021
- 2 min read
Asian stocks were steady and US equity futures edged lower Monday, June 7, 2021, as traders weighed inflation risks and Janet Yellen’s comments on higher interest rates. Ten-year US Treasury yields and the dollar ticked up, Andreea Papuc reported for Bloomberg News.
Shares inched higher in Japan and dipped in Hong Kong, while S&P 500, Nasdaq 100 and European contracts were in the red. Treasury Secretary Yellen said President Joe Biden should push forward with his spending plans even if they spark inflation that persists into next year, adding a “slightly higher” interest rate environment would be a “plus.”
Investors continue to assess whether price pressures will lead central banks to pare stimulus earlier than expected. The S&P 500 rose toward a record Friday on a jobs report that showed a pickup in hiring but fell short of estimates, suggesting ongoing scope for policy support.
Meanwhile, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and enable governments to impose levies on U.S. tech giants such as Amazon.com Inc. and Facebook Inc.
S&P 500 futures dipped 0.2% as of 7:15 a.m. in London. The index rose 0.9% Friday. Nasdaq 100 futures fell 0.2%. The gauge climbed 1.8%.
Japan’s Topix index was little changed. Australia’s S&P/ASX 200 Index fell 0.2%. South Korea’s Kospi Index added 0.4%. Hong Kong’s Hang Seng Index fell 0.6%.
China’s Shanghai Composite Index was steady. Euro Stoxx 50 futures dipped 0.1%. The yen was at 109.48 per dollar. The offshore yuan was at 6.3966 per dollar, down 0.1%. The Bloomberg Dollar Spot Index rose less than 0.1%.
The euro was at $1.2160. The yield on 10-year Treasuries rose about two basis points to 1.57%. Australia’s 10-year bond yield fell five basis points to 1.64%. West Texas Intermediate crude shed 0.6% to $69.20 a barrel. Gold was at $1,884.24 an ounce, down 0.4%, Joanna Ossinger and Cormac Mullen reported for Bloomberg News.
