ASIAN STOCKS TO LOSE; CHINA TELLS BANKS TO KEEP DOLLARS

Asian stocks looked set for a weaker open Tuesday and U.S. futures slipped as traders await key American jobs data later this week to help gauge the economic outlook, Andreea Papuc reported for Bloomberg News on June 1, 2021.

Equity contracts fell in Japan, Australia, and Hong Kong.

S&P 500 and Nasdaq 100 futures edged down following a US holiday. The offshore yuan held a retreat after China forced banks to keep more foreign currencies in reserve for the first time in over a decade, its most substantial move yet to rein in the surging currency.

Oil climbed as OPEC and its allies forecast that inventories will fall sharply this year if the group sticks to its current plan. Gold had its biggest monthly advance since July and most industrial metals gained.

S&P 500 futures fell 0.1% as of 7:10 a.m. in Tokyo. The gauge was little changed Friday. Nasdaq 100 futures dropped 0.1%. The index rose 0.2% Friday. Nikkei 225 futures retreated 0.1%.

Australia’s S&P/ASX 200 Index futures fell 0.4%. Hang Seng Index futures slipped 0.1%.

The yen traded at 109.54 per dollar. The offshore yuan was at 6.3730 per dollar, after falling 0.2%.

The Bloomberg Dollar Spot Index fell 0.2%. The euro was at $1.2229. US 10-year bond futures were little changed. West Texas Intermediate crude rose 1% to $67.01 a barrel.

Gold was at $1,907.44 an ounce, Robert Brand reported for Bloomberg News.

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