U.S. futures edged up Monday and Asian stocks started the week steady as investors continue to weigh inflation risks and await key U.S. jobs data to gauge the strength of the economic recovery.
Equities slipped in Japan and were marginally higher in Australia and South Korea after U.S. stocks notched their fourth-straight monthly advance. Treasury yields ticked back below 1.60% on Friday, though don’t have cash trading in Asia Monday amid holidays in the U.S. and U.K.
The offshore yuan slipped in the wake of comments leaning against its climb. The currency’s rapid appreciation against the U.S. dollar probably won’t last, according to a former Chinese central bank official, while the People’s Bank of China-backed Financial News said in an editorial Sunday that the yuan may depreciate in future.
Bitcoin fluctuated below $36,000, following a Friday slump as Bank of Japan Governor Haruhiko Kuroda warned about the token’s volatility and speculative trading.
Summer Loving
Global stocks have seen positive performance in June and July in recent years
Source: Bloomberg
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 U.S. non-farm payrolls report could buffet markets if it changes perceptions of the rebound’s strength.
“There is likely more upside to go on the inflation scare front in the months ahead as base effects, the lagged impact of commodity price hikes and bottlenecks continue to feed through, but there are now a few more signs that it will be transitory,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, wrote in a note.
Here are key events to watch this week:
- U.S. markets will be closed for the Memorial Day holiday. U.K. markets will be closed for the Spring Bank holiday
- Reserve Bank of Australia policy decision Tuesday
- OPEC+ meets to review oil production levels Tuesday
- Philadelphia Fed President Patrick Harker, Chicago Fed President Charles Evans, Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan speak Wednesday
- U.S. employment report for May on Friday
These are some of the main moves in markets:
Stocks
- S&P 500 futures rose 0.1% as of 9:04 a.m. in Tokyo. The S&P 500 rose 0.1% Friday
- Nasdaq 100 contracts climbed 0.2%. The Nasdaq 100 rose 0.2%
- Topix index fell 0.3%
- Australia’s S&P/ASX 200 Index added 0.2%
- Kospi index was little changed
Currencies
- The Japanese yen was at 109.93 per dollar
- The offshore yuan was at 6.3721 per dollar, down 0.2%
- The euro traded at $1.2186
Bonds
- The yield on 10-year Treasuries declined one basis point to 1.59% Friday. Futures were little changed
- Australia’s 10-year bond yields was steady at 1.68%
Commodities
- West Texas Intermediate crude rose 0.5% to $66.61 a barrel
- Gold was at $1,903.61 an ounce
— With assistance by Cormac Mullen
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May 31, 2021 at 04:14AM
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Stock Market Today: Dow, S&P Live Updates for May 31 - Bloomberg
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