Most Asian stocks and U.S. equity futures climbed Monday after the S&P 500 Index hit a record on weak jobs data that added to the case for ongoing stimulus. Gasoline and crude oil rose after a cyberattack forced the closure of a key U.S. pipeline.
The materials sector led gains in an Asia-Pacific share index as commodities advanced. Australian stocks are on track to close at an all-time high, while Hong Kong underperformed. Gasoline jumped as much as 4.2% to a three-year high before paring the increase, with U.S. operator Colonial Pipeline providing no timeline for a restart following a shutdown late Friday due to a ransomware attack.
Iron ore futures in Singapore surged on strong demand from China. A “goldilocks scenario” seems to be transpiring for commodities as the global recovery from the pandemic progresses, according to Goldman Sachs Group Inc.
The dollar trimmed losses after tumbling Friday, while the pound was the top performer among the Group of 10 currencies. Treasury yields edged up toward 1.60% as traders brace for a busy week of auctions.
The energy price surge is adding to the inflation debate ahead of a U.S. CPI report this week that is forecast to show prices rising further in April. Investors will also parse comments from a series of Federal Reserve speakers for guidance on their thinking about the path of growth and policy following some softer-than-anticipated U.S. economic data.
“At the moment the view is very much that inflation is transitory,” Mo Apabhai, head of Asia trading strategy at Citigroup Global Markets, said on Bloomberg Television. “At the end of the day the disinflationary forces are still very strong in the economy.”
U.S. jobs rose by 266,000 in April, trailing the projected one million jump, and suggesting that the Fed may hold its accommodative stance for even longer. Treasury Secretary Janet Yellen said the report “underscores the long-haul climb back to recovery,” while reiterating her expectation for a return to full employment next year.
The MLIV Question of the Day: How Could Highest CPI in Decade Hit Assets?
Here are some key events to watch this week:
- A range of Fed speakers are due this week, including Chicago Fed President Charles Evans on the economic outlook Monday and U.S. Fed Governor Lael Brainard on Tuesday, among others
- Chinese inflation data are due Tuesday
- OPEC monthly Oil Market Report is published with global demand forecasts and production estimates Tuesday
- U.S. CPI report Wednesday is forecast to show prices continued to increase in April
- Bank of England Governor Andrew Bailey speaks Wednesday
These are some of the main moves in markets:
Stocks
- S&P 500 futures rose 0.2% as of 11:55 a.m. in Tokyo. The S&P 500 added 0.7%
- Nasdaq 100 futures rose 0.2%. The Nasdaq 100 rose 0.8%
- Japan’s Topix index advanced 1%
- Australia’s S&P/ASX 200 Index rose 1.1%
- South Korea’s Kospi index added 1.4%
- Hong Kong’s Hang Seng Index fell 0.2%
- China’s Shanghai Composite Index added 0.3%
- Euro Stoxx 50 futures rose 0.5%
Currencies
- The yen fell 0.2% to 108.86 per dollar
- The offshore yuan lost 0.2% to 6.4261 per dollar
- The Bloomberg Dollar Spot Index edged up 0.1% after falling 0.7% Friday
- The euro was at $1.2152
- The pound rose 0.3% to $1.4018
Bonds
- The yield on 10-year Treasuries rose one basis point 1.59%
- Australia’s 10-year bond yield rose three basis points to 1.71%
Commodities
- West Texas Intermediate crude increased 0.5% to $65.21 a barrel
- Gold was at $1,833.10 an ounce
— With assistance by Serene Cheong
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May 10, 2021 at 04:11AM
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Stock Market Today: Dow, S&P Live Updates for May 10 - Bloomberg
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