Photographer: Nicolas Asfouri/AFP/Getty Images
Asian stocks were steady and U.S. equity futures made modest gains Thursday as traders assessed the economic rebound from the health crisis. Oil pared a rally sparked by shipping disruption after a container vessel blocked the Suez Canal.
Japanese shares outperformed, while in Hong Kong Tencent Holdings Ltd. and Alibaba Group Holding Ltd. struggled after U.S. regulators revived threats to remove China’s largest corporations from their bourses. S&P 500 and Nasdaq 100 futures edged up after a rotation into cyclicals weighed on the technology gauge overnight. European contracts fell. The dollar was steady.
West Texas Intermediate crude fell back to about $60 a barrel, having added more than 5% Wednesday. Tugs and diggers are trying to dislodge the ship stuck for a third day in the Suez Canal, a critical waterway for trade.
Investors will be on the lookout for the seven-year Treasury auction in U.S. hours, as poor demand for this maturity at last month’s sale triggered a spike in yields. The 10-year benchmark rate crept higher in Asian trade.
Investors are mulling which sectors of the stock market are best-placed to benefit from faster growth, while monitoring the risks of higher inflation. Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell balanced their positive assessments of the recovery with reminders that it still has a long way to go in a second day of Congressional testimony.
“The reflation trade will have further legs to run,” Lale Akoner, BNY Mellon Investment Management senior market strategist, said on Bloomberg TV. “We do see higher inflationary pressures building, higher interest rates and softer dollar to continue.”
Meanwhile, the U.S. Securities and Exchange Commission has started an inquiry into the the blank-check company frenzy that’s gripping Wall Street, according to a report. Elsewhere, Bitcoin fell as much as 4.7%, to the lowest in about two weeks.
On the virus front, AstraZeneca Plc reported a slightly lower efficacy for its vaccine in a U.S. study. U.S. cases surpassed 30 million, according to data from Johns Hopkins University. Brazil surpassed 300,000 deaths from Covid-19, the second-most in the world.
Dan Fineman, co-head of APAC equity strategy, securities research at Credit Suisse Group AG, discusses his outlook for Asian markets, valuations in China and where he’s finding opportunity.
Source: Bloomberg
These are some key events to watch this week:
- The U.S. Treasury auctions seven-year debt.
- U.S. personal income and spending data on Friday.
These are some of the main moves in financial markets:
Stocks
- S&P 500 futures added 0.2% as of 7 a.m. in London, after the S&P 500 Index fell 0.6%. Nasdaq 100 contracts rose 0.2%.
- Japan’s Topix Index rose 1.4%.
- China’s Shanghai Composite Index was little changed.
- Hong Kong’s Hang Seng Index was little changed.
- Australia’s S&P/ASX 200 Index rose 0.2%.
- South Korea’s Kospi Index increased 0.4%.
- Euro Stoxx 50 futures fell 0.2%.
Currencies
- The yen was at 108.96 per dollar, down 0.2%.
- The offshore yuan was at 6.5344 per dollar.
- The Bloomberg Dollar Spot Index was little changed.
- The euro traded at $1.1817.
- The Australian dollar climbed 0.1% to 75.92 U.S. cents.
Bonds
- The yield on 10-year Treasuries rose about one basis point to 1.62%.
- Australia’s 10-year bond yield rose about three basis points to 1.68%.
Commodities
- West Texas Intermediate crude slipped 2% to $59.97 a barrel.
- Gold was at $1,733.37 an ounce.
— With assistance by Vildana Hajric
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March 25, 2021 at 04:10AM
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