Most Asian stocks climbed in early trade following gains in U.S. equities and bonds, as investors shrugged off a higher-than-forecast rise in U.S. inflation to focus on the path of the global recovery.
Hong Kong’s benchmark rose and tech stocks lifted China, but shares dipped in Japan amid concerns a slow vaccine rollout will crimp activity. U.S. equity futures were steady following another all-time high for the S&P 500 and Nasdaq 100 indexes, as the White House said the U.S. inoculation campaign remains on track despite a pause in Johnson & Johnson doses amid health concerns.
Treasuries held gains after a successful sale of 30-year bonds, which settled fears of poor demand sparking another bout of volatility. The U.S. dollar retained the prior session’s losses.
Traders are watching for any further tremors in Asia’s credit markets, after a sharp selloff in one of China’s largest bad-debt managers raised questions about other heavily leveraged borrowers.
The latest data showing U.S. consumer prices rose more than expected last month have had little impact given the distortions surrounding the year-earlier collapse in price pressures. Investors still appear confident that the recovery remains on track with support from central banks and government spending.
“A lot of growth and inflation have already been priced into the market,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “It’s almost as if you need to exceed those expectations in order to see a more pronounced reaction from markets.”
Runaway inflation, along with higher borrowing costs and taxes, have replaced the pandemic as the top concerns for global fund managers, according to the latest Bank of America Corp. survey.
Meanwhile, Bitcoin jumped to an all-time high, and the Nasdaq set a reference price of $250 for the direct listing of Coinbase Global Inc., the cryptocurrency exchange that will start trading Wednesday. Oil traded above $60 a barrel.
Wells Fargo analyst Mike Mayo talks about what he’s looking for out of big bank earnings.
Source: Bloomberg
Some key events to watch this week:
These are some of the main moves in financial markets:
Stocks
- S&P 500 futures were flat as of 10:46 a.m. in Tokyo. The index closed 0.3% higher.
- Japan’s Topix Index was 0.3% lower.
- The Shanghai Composite was up 0.4%.
- The Hang Seng rose 1.4%.
- South Korea’s Kospi Index was flat.
- Australia’s S&P/ASX 200 Index was 0.5% higher.
Currencies
- The Bloomberg Dollar Spot Index was little changed.
- The yen was up 0.2% at 108.86 per dollar.
- The euro was at $1.1959.
- The offshore yuan traded around 6.5398 per dollar.
Bonds
- The yield on 10-year Treasuries held at 1.61% after slipping in U.S. trade.
- Australia’s 10-year yield was seven basis points lower at 1.75%.
Commodities
- West Texas Intermediate crude rose 0.6% to $60.56 a barrel.
- Gold was at $1,746.28 an ounce.
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Stock Market Today: Dow, S&P Live Updates for Apr. 14, 2021 - Bloomberg
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