Dollar Steady as Omicron Shadows Asia Market Open: Markets Wrap

5 months ago 198
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(Bloomberg) -- The dollar was dependable against large peers aboriginal Monday arsenic traders weighed spiking coronavirus cases and China’s cardinal slope pledge of economical enactment implicit the weekend.

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Equity futures for Japan earlier pointed to a muted start, aft Asian shares ended Friday mixed contempt an all-time precocious for the S&P 500. Some banal markets are closed oregon person truncated hours and volumes whitethorn beryllium thinner than usual.

Reports indicated caller regular U.S. infections with the omicron microorganism variant person surpassed those successful the delta wave, portion China posted the highest fig of section cases since January. The pathogen is causing disruption, including the cancellation of astir 2,400 flights implicit the vacation play successful the U.S.

In China, the cardinal slope pledged greater enactment for the existent system connected Saturday and said it volition marque monetary argumentation much forward-looking and targeted, amid expectations of easing arsenic a property-sector slowdown saps economical growth.

Chinese regulators besides program tighter scrutiny of overseas stock income by home firms and mean to prohibition those that could airs a nationalist information threat, Beijing’s latest measurement to ace down connected listings abroad.

China’s imaginable argumentation loosening contrasts with steps by the Federal Reserve and different cardinal banks to combat precocious ostentation by scaling backmost stimulus. The outlook for monetary policy, the microorganism and institution net are shaping reasoning astir whether planetary stocks tin support rising aft astir doubling from pandemic lows.

On the microorganism front, Anthony Fauci, President Joe Biden’s apical aesculapian adviser, said Americans should enactment vigilant against the omicron variant contempt grounds its symptoms whitethorn beryllium little terrible due to the fact that the measurement of cases tin inactive overwhelm hospitals.

Elsewhere, Vice President Kamala Harris said the Biden medication is seeking a way guardant for its “Build Back Better” economical stimulus. In Turkey, President Recep Tayyip Erdogan said the federation has abandoned interest-rate hikes arsenic a instrumentality to power terms pressures.

Meanwhile, Bitcoin had a dependable vacation play and was trading astatine astir $50,000 aboriginal successful Asia connected Monday.

What to ticker this week:

  • Hong Kong, Australian, Canadian and U.K. markets closed, Monday

  • China concern profits, Monday

  • U.S. archetypal jobless claims, Thursday

For much marketplace analysis, work our MLIV blog.

Some of the main moves successful markets:

Stocks

  • The S&P 500 scale roseate 0.6% connected Thursday

  • The Nasdaq 100 scale climbed 0.8% connected Thursday

  • Nikkei 225 futures fell 0.3% earlier

Currencies

  • The Bloomberg Dollar Spot Index fell 0.1% connected Thursday

  • The euro was astatine $1.1318

  • The Japanese yen was astatine 114.38 per dollar

  • The offshore yuan was astatine 6.3746 per dollar

Bonds

  • The output connected 10-year Treasuries precocious 4 ground points to 1.49% connected Thursday

Commodities

  • West Texas Intermediate crude roseate 1.4% to $73.79 a tube connected Thursday

  • Gold was astatine $1,817.32 an ounce

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