• By The Financial District

ASIAN STOCKS, U.S. FUTURES STEADY AS DOLLAR INCHES UP

Asian stocks were steady Friday, May 21, 2021, after a Wall Street rebound as traders weighed the economic recovery from the pandemic as well as the possibility of reduced US stimulus. The dollar pared a decline, Sunil Jagtiani reported for Bloomberg News.

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Shares rose in Japan but slipped in Hong Kong and China. Overnight, nearly all major industry groups in the S&P 500 pushed higher, while the Nasdaq 100 rallied past its 50-day moving average.


A drop in US initial jobless claims put the focus back on the economic recovery, but there are lingering fears of price pressures imperil loose financial conditions. US equity contracts fluctuated.


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Treasury yields maintained a retreat. Weaker-than-expected demand for an auction of 10-year inflation-protected debt suggested confidence in the Federal Reserve’s narrative that the recent acceleration in inflation is unlikely to be sustained. A pause in this year’s commodity boom continued.


S&P 500 futures climbed 0.1% as of 11:27 a.m. in Tokyo. The index rose 1.1%. Nasdaq 100 contracts added 0.1%. The gauge rose 1.9%. Japan’s Topix index increased 0.2%. Australia’s S&P/ASX 200 index lost 0.1%. South Korea’s Kospi index shed 0.1%.


Hong Kong’s Hang Seng index dipped 0.4%. China’s Shanghai Composite index dropped 0.6%. The Bloomberg Dollar Spot Index climbed 0.1%.


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The euro was at $1.2229. The British pound was at $1.4173. The Japanese yen traded at 108.85 per dollar.


The offshore yuan was at 6.4359 per dollar. The yield on 10-year Treasuries held at 1.63%.


Australia’s 10-year yield dropped three basis points to 1.74%. West Texas Intermediate crude fell 0.1% to $61.89 a barrel. Gold fell 0.3% to $1,871.89 an ounce, Laura Cooper and Eric Lam reported for Bloomberg News.



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