Stocks in Europe struggled for direction along with U.S. futures on Monday after signs China’s economic recovery may be leveling out and as investors continue to weigh global inflation risks.
The Stoxx Europe 600 index fluctuated in a narrow range, with gains for travel and leisure shares offsetting declines for utilities. Deutsche Bank AG dropped after the Federal Reserve warned that its compliance programs aren’t adequate. Contracts on the S&P 500 inched higher, while those on the Nasdaq 100 swung between small gains and losses amid shortened trading hours due to the Memorial Day holiday in the U.S.
The dollar was steady against a basket of peers. There’s no Treasuries cash trading today, after the 10-year yield closed just below 1.6% on Friday. Crude oil climbed as the market focused on an OPEC+ supply policy meeting early this week, while gold headed for the biggest monthly advance since July and most industrial metals gained.
In Asia, Japan underperformed amid concern about an extended state of emergency to curb the coronavirus. Shares fell in Hong Kong and fluctuated in China, where a gauge of the manufacturing industry suggested the economy’s recovery momentum might have peaked.
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.
“Policy makers have committed to accepting a higher level of inflation, higher volatility in inflation and as that happens you will see inflation moving structurally higher,” Mixo Das, JPMorgan Asia equity strategist, said on Bloomberg TV. “I don’t think this is in the prices yet.”
The offshore yuan stabilized in the wake of comments leaning against its climb. Two state-run newspapers flagged risks fueled by rapid gains in the currency. China also set its daily reference rate at a weaker-than-expected level.
Bitcoin hovered around $36,000 after a Friday slump as Bank of Japan Governor Haruhiko Kuroda warned about the token’s volatility and speculative trading.
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
- The Stoxx Europe 600 was little changed as of 10:02 a.m. London time
- Futures on the Nasdaq 100 were little changed
- Futures on the S&P 500 were little changed
- The MSCI Asia Pacific Index rose 0.4%
- The MSCI Emerging Markets Index rose 1.1%
Currencies
- The Bloomberg Dollar Spot Index fell 0.1%
- The euro was little changed at $1.2198
- The Japanese yen rose 0.2% to 109.66 per dollar
- The offshore yuan was little changed at 6.3635 per dollar
- The British pound fell 0.1% to $1.4173
Bonds
- The yield on 10-year Treasuries was little changed at 1.59%
- Germany’s 10-year yield advanced two basis points to -0.16%
- Britain’s 10-year yield declined two basis points to 0.79%
Commodities
- Brent crude rose 1.1% to $69 a barrel
- Spot gold rose 0.1% to $1,906 an ounce
— With assistance by Cormac Mullen, and Andreea Papuc
https://ift.tt/3fwhDp7
Business
Bagikan Berita Ini
0 Response to "Stock Market Today: Dow, S&P Live Updates for May 31 - Bloomberg"
Post a Comment