(Bloomberg) — Asian equity benchmarks are little changed in early trade as traders await the reopening of China from a long holiday break. Mainland markets look poised to gain as Beijing’s supportive policy stance adds impetus to a budding bullish momentum.
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Australia’s share index edged higher after the S&P 500 gained 1.3% Friday when softer-than-expected US jobs data revived bets the Federal Reserve will cut interest rates this year. A gauge of Chinese shares listed on the Nasdaq rose 5.5% last week. Japanese markets are closed for a holiday.
Global stocks rose last week as risk sentiment improved. US Treasuries rallied as the payrolls release, and a cooldown in wages appeased investors worrying about “stagflation” or a recession. Instead, the print gave fodder to the believers in an economy that is gradually slowing and would allow a data-dependent Fed to start easing policy later this year.
Oil rose in early trading after Israel closed the Kerem Shalom humanitarian crossing into Gaza on Sunday following a rocket barrage fired by Hamas, in an incident that could derail weeks-long delicate hostage and cease-fire negotiations. Saudi Arabia lifted the price it sells crude to Asia as it attempts to tighten the oil market.
Traders will also be mindful of a swath of central bank meetings this week, led by a likely hawkish Reserve Bank of Australia on Tuesday following stronger-than-expected inflation data last month. Chinese activity data as well as inflation readings in key emerging markets are also due.
Some key events this week:
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China Caixin services PMI, Monday
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Eurozone S&P Global Services PMI, PPI, Monday
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Australia rate decision, Tuesday
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Eurozone retail sales, Tuesday
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UBS earnings, Walt Disney, BP earnings, Tuesday
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Minneapolis Fed President Neel Kashkari speaks, Tuesday
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Brazil rate decision, Wednesday
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Sweden rate decision, Wednesday
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Toyota earnings, Wednesday
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China trade, Thursday
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Malaysia rate decision, Thursday
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Mexico CPI, rate decision, Thursday
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UK BOE rate decision, Thursday
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Canada unemployment, Friday
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UK industrial production, GDP, Friday
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Chicago Fed President Austan Goolsbee speaks, Friday
Some of the main moves in markets:
Stocks
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S&P 500 futures were little changed as of 9:30 a.m. Tokyo time
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Hang Seng futures rose 0.6% s
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Australia’s S&P/ASX 200 rose 0.4%
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Euro Stoxx 50 futures rose 0.3%
Currencies
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The Bloomberg Dollar Spot Index was little changed
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The euro was little changed at $1.0763
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The Japanese yen fell 0.4% to 153.60 per dollar
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The offshore yuan was little changed at 7.1983 per dollar
Cryptocurrencies
Bonds
Commodities
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West Texas Intermediate crude was little changed
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Spot gold fell 0.4% to $2,292.79 an ounce
This story was produced with the assistance of Bloomberg Automation.
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