Asian stocks were steady early Monday after their U.S. peers climbed toward a record, aided by an American jobs report that eased some fears about the economy running too hot and stoking troublesome inflation.
Shares fluctuated in Japan and edged up in South Korea and Australia. U.S. equity contracts were slightly lower. The S&P 500 advanced and the dollar fell with Treasury yields Friday, after a report showed U.S. job growth picked up in May but missed estimates. The dollar held the drop, while yields ticked upward.
Investors continue to assess whether price pressures will lead central banks to pare stimulus earlier than generally expected. Treasury Secretary Janet Yellen said President Joe Biden should push forward with his spending plans even if they trigger inflation that persists into next year, adding a “slightly higher” interest rate environment would be a “plus.”
Bitcoin traded around $36,000 after declining over the weekend amid a cryptocurrency crackdown in China. Crude oil and gold held on to gains.
The U.S. employment report showed an uptick in workers’ pay, adding to the debate about price pressures that has dominated markets. Speculation continues that the U.S. recovery from the pandemic may be strong enough to prompt Federal Reserve discussions in the weeks ahead on tapering asset purchases. Traders are looking ahead to the U.S. consumer-price index report this week for more clues.
“The slightly softer-than-expected rise in U.S. payroll employment in May probably won’t change the Fed’s thinking, but another pickup in CPI inflation likely to be reported on Thursday will further spur the taper talk,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, wrote in a note.
Elsewhere, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and enable governments to impose levies on U.S. tech giants such as Amazon.com Inc. and Facebook Inc.
These are some of the main moves in markets:
Stocks
- S&P 500 futures dipped 0.1% as of 9:29 a.m. in Tokyo. The index rose 0.9% Friday
- Nasdaq 100 futures fell 0.1%. The gauge climbed 1.8%
- Japan’s Topix index rose 0.1%
- Australia’s S&P/ASX 200 Index added 0.1%
- South Korea’s Kospi index increased 0.2%
- Hong Kong’s Hang Seng Index futures gained 0.6% earlier
Currencies
- The yen was at 109.53 per dollar
- The offshore yuan was at 6.3897 per dollar
- The Bloomberg Dollar Spot Index was stable after falling 0.5% Friday
- The euro was at $1.2172
Bonds
- The yield on 10-year Treasuries rose about one basis point to 1.57%
- Australia’s 10-year bond yield fell six basis points to 1.63%
Commodities
- West Texas Intermediate crude added 0.2% to $69.78 a barrel
- Gold was at $1,891.57 an ounce
— With assistance by Joanna Ossinger
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June 07, 2021 at 04:48AM
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