Futures, stocks shrink with jobs data in sight: markets shroud
(Bloomberg) – US futures slipped with European stocks on Monday as traders wait for new catalysts, key US employment data later this week should provide new clues to the outlook for the greater economy.
Contracts on the S&P 500 and Nasdaq edged down amid the shortened trading hours due to the Memorial Day holiday in the United States. The dollar remained stable against a basket of peers. There is no spot trading on Treasuries today, after the 10-year yield closed just below 1.6% on Friday. The dollar was stable.
The Stoxx Europe 600 index fluctuated before falling. Spain’s Endesa SA has dragged the utilities sector down following reports that the Spanish government is preparing to limit windfall profits for power producers. Deutsche Bank AG dropped out after the Federal Reserve warned its compliance programs were not adequate. UK markets are closed for holidays.
Crude oil rallied as the market focused on an OPEC + supply policy meeting earlier in the week, while gold headed for the strongest monthly advance since July and most industrial metals were advancing.
Global stocks remain close to a record high, supported by the economic recovery underway after the pandemic and injections of stimulus measures. The rally has so far overcome fears that price pressures could lead to an earlier-than-expected reduction in central bank support. But investors remain risk-sensitive, and Friday’s US non-farm payroll report could shake markets if it changes perceptions of the strength of the rebound.
“Policymakers are committed to accepting a higher level of inflation, greater inflation volatility and in this case you will see inflation structurally move upward,” said Mixo Das, equity strategist. by JPMorgan Asia, on Bloomberg TV. “I don’t think it’s in the prices yet.”
The offshore yuan stabilized following comments leaning against its rally. Two state newspapers reported risks fueled by rapid currency gains. China has also set its daily benchmark rate lower than expected.
Bitcoin climbed above $ 36,000 after falling on Friday as Bank of Japan Governor Haruhiko Kuroda warned of token volatility and speculative trading.
Here are the main events to watch for this week:
US markets will be closed Monday for the Memorial Day holiday. Philadelphia Fed Chairman Patrick Harker, Chicago Fed Chairman Charles Evans, Atlanta Fed Chairman Raphael Bostic and Dallas Fed Chairman Robert Kaplan speak on Wednesday. job report for May Friday
Here are some of the main movements in the markets:
S&P 500 futures fell 0.2% at 10:28 a.m. New York time S&P 500 futures fell 0.1% Stoxx Europe 600 fell 0.3% MSCI World index has changed little
Bloomberg Dollar Spot Index fell 0.1% Euro was little changed to $ 1.2202 British pound fell 0.1% to $ 1.4170 Japanese yen rose 0.2% to $ 109.63 for a dollar
The 10-year Treasury yield was little changed at 1.59% Germany’s 10-year yield was little changed at -0.17% Britain’s 10-year yield fell by two points 0.79% basic
West Texas Intermediate crude rose 1.1% to $ 67 per barrel, gold futures rose 0.2% to $ 1,908 per ounce
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