(Bloomberg) – Asian stocks were stable and US stock futures rose Tuesday as investors await further clues about the inflation outlook and central bank stimulus amid the pandemic rebound.
Stocks in Japan, Hong Kong and China reversed gains to decline inches. The S&P 500 closed barely changed near a record, while the Nasdaq 100 was bolstered by a rally by Biogen Inc. to approve its Alzheimer’s drug. S&P 500 futures surged and Nasdaq 100 contracts topped an international plan to ensure that big companies like Amazon.com Inc. pay a minimum level of taxes.
The dollar rose and government bond yields fell. Traders await the US inflation report to assess price pressures and expectations for the Federal Reserve to get closer to talks to curb asset purchases.
Oil continued its decline and lost some of its momentum after hitting $ 70 a barrel for the first time in over two years in New York. Digital tokens, including Bitcoin, fell, with the Bloomberg Galaxy Crypto Index down as much as 8%.
Global stocks are floating around all-time highs and volatility across investments has subsided, helped by the economic reopening after the health crisis and support from central banks. However, there are concerns about how long the calm can last as policy makers will eventually ditch the incentives as the recovery continues. Thursday’s US CPI report will be one of the last key economic indicators ahead of the Fed’s rate decision later this month.
“We advocate seeing through the short-term market volatility and remain risk-taking as we believe that the Fed has a very high bar to change its loose monetary stance,” wrote the strategists of the BlackRock Investment Institute, headed by Elga Bartsch in a message.
For market commentary, follow the MLIV blog.
Here are the top events to watch this week:
Apple is holding its annual Worldwide Developers Conference until June 11th European Central Bank decision and press conference with President Christine Lagarde. Iranian nuclear deals will take place again on Thursday in Vienna. Consumer price index on Thursday. The Group of Seven Leaders Summit begins on Friday in Cornwall, England.
These are some of the key moves in the markets:
S&P 500 futures rose 0.1% at 11:44 a.m. in Tokyo. The S&P 500 Was Little ChangedNasdaq 100 futures were up 0.3%. Japan’s Topix Index rose 0.1%, Australia’s S & P / ASX 200 Index fell 0.1% South Korea’s Kospi Index rose 0.1% Hong Kong’s Hang Seng Index lost 0.1%, China’s Shanghai Composite index rose 0.2% Index fell 0.2% Euro Stoxx 50 futures were little changed
The Japanese yen was trading at 109.38 per dollar, down 0.1% The offshore yuan was trading at 6.3884 per dollar The Bloomberg Dollar Spot Index rose 0.1% The euro was at 1.2185 dollars
The 10-year Treasury yield fell about 1 basis point to 1.56%
West Texas Intermediate crude oil fell 0.7% to $ 68.72 a barrel of gold was at $ 1,897.70 an ounce, down 0.1%
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