Japanese and South Korean stocks fluctuated while Australia rose. U.S. futures were little changed after the S&P 500 posted the biggest jump since August, avoiding a break of its 50-day moving average. The dollar remained lower.
Oil steadied after rallying on a U.S. report showing a bigger-than-expected decline in crude stockpiles, signaling a tightening market. New Zealand’s dollar and bond yields advanced after economic growth beat estimates.
Chinese stocks listed in the U.S. slid a sixth day and U.S. casino firms with exposure to Macau tumbled. Officials have signaled tighter curbs on operators in the gaming hub, again spotlighting Beijing’s regulatory curbs. Traders are also monitoring the fate of cash-strapped developer China Evergrande Group.
Investors continue to assess the outlook for economic reopening amid the delta virus strain outbreak and rising costs fueled by higher commodity prices and pandemic-related supply snarls. The United Nations said the global economy is expected to undergo its fastest recovery in almost five decades this year, but warned about deepening inequities between advanced and developing nations.
“Global economic growth remains above trend, albeit past peak levels, supported by central bank liquidity, progress on vaccine distribution, and continued reopening momentum despite the spread of the delta variant,” T.Rowe Price said in its latest global asset allocation report. But it added that a “deceleration” phase of the market cycle has begun, characterized by slowing economic and earnings growth.
The progress of President Joe Biden’s economic agenda is also in focus. The biggest set of U.S. tax increases in a generation took a major step forward on Wednesday with approval by the House Ways and Means Committee of $2.1 trillion in new levies mostly focused on corporations and the wealthy.
Here are some events to watch this week:
Quadruple witching day for U.S. markets, Friday
For more market analysis, read our MLIV blog.
Some of the main moves in markets:
S&P 500 futures were flat as of 9:26 a.m. in Tokyo. The S&P 500 rose 0.9%Nasdaq 100 futures were little changed. The Nasdaq 100 rose 0.8%Japan’s Topix index was steadyAustralia’s S&P/ASX 200 Index added 0.4%South Korea’s Kospi index fell 0.2%Hang Seng Index futures were little changed earlier
The Japanese yen was at 109.42 per dollarThe offshore yuan traded at 6.4298 per dollarThe Bloomberg Dollar Spot Index was little changedThe euro was at $1.1817
The yield on 10-year Treasuries was around 1.30%Australia’s 10-year bond yield rose four basis points to 1.25%
West Texas Intermediate crude was at $72.50 a barrel, down 0.2%Gold was at $1,794.09 an ounce
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