ASIAN STOCKS DIP, U.S. FUTURES STEADY
Most Asian stocks retreated Monday and US equity futures were steady as investors continue to weigh inflation risks and the strength of the economic recovery, Andreea Papuc reported for Bloomberg News.
Equities slipped in Japan, Hong Kong, and China, where a gauge of the manufacturing industry suggested the economy’s recovery momentum might have peaked. US contracts fluctuated after the S&P 500 notched its fourth-straight monthly advance.
Treasury yields ticked back below 1.60% on Friday. There’s no Treasuries cash trading in Asia amid holidays in the US and UK.
Global stocks remain near a record, lifted by the ongoing economic recovery from the pandemic and injections of stimulus. The rally has so far weathered concerns that price pressures could force an earlier-than-expected reduction in central bank support.
But investors remain sensitive to the risk, and this week’s US non-farm payrolls report could buffet markets if it changes perceptions of the rebound’s strength. A purchasing managers’ index report in China showed input costs for manufacturers jumped to the highest in about a decade.
S&P 500 futures rose 0.1% as of 10:49 a.m. in Tokyo. The S&P 500 rose 0.1% Friday. Nasdaq 100 contracts climbed 0.1%. The Nasdaq 100 rose 0.2%. Topix index fell 0.6%. Australia’s S&P/ASX 200 Index was steady.
Kospi index was little changed. Hang Seng Index fell 0.4%. Shanghai Composite Index fell 0.3%. The Japanese yen was at 109.70 per dollar, up 0.1%. The offshore yuan was at 6.3670 per dollar, down 0.1%.
The Bloomberg Dollar Spot Index was little changed. The euro traded at $1.2198. The yield on 10-year Treasuries declined one basis point to 1.59% Friday. Futures were little changed. Australia’s 10-year bond yield was steady at 1.69%.
West Texas Intermediate crude rose 0.4% to $66.61 a barrel. Gold was at $1,906.72 an ounce, Cormac Mullen reported for Bloomberg News.