ASIAN STOCKS STEADY; U.S. SHRUGS OFF INFLATION FEARS
Asian stocks were steady early Friday, June 11, 2021, after US shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support, Emily Barrett reported for Bloomberg News.
Japanese shares fluctuated, South Korea rose and Australia slipped. The S&P 500 Index climbed to a record overnight, while a technology rally boosted the Nasdaq 100. Meme-stocks favored by day traders, such as GameStop Corp., plunged. US equity contracts were little changed.
The 10-year U.S. Treasury yield held most of an earlier drop to 1.43%, its lowest point since March. The yield declined after a brief jump on above-forecast gains in US consumer prices. The dollar retreated.
S&P 500 futures were steady as of 9:22 a.m. in Tokyo. The index rose 0.5%. Nasdaq 100 futures were up 0.1%. The gauge rose 1.1%. Japan’s Topix index was little changed. Australia’s S&P/ASX 200 index shed 0.3%.
South Korea’s Kospi index added 0.6%. The Bloomberg Dollar Spot Index was stable. The euro was at $1.2178, rising 0.1%. The British pound traded at $1.4175, The Japanese yen was at 109.35 per dollar.
The offshore yuan was at 6.3864 per dollar. The 10-year Treasury yield rose one basis point to 1.44%. West Texas Intermediate crude dipped 0.2% to $70.12 a barrel, Richard Richtmyer and Kamaron Leach reported for Bloomberg News.