Asian stocks outside Japan dropped, with a gauge of Chinese shares in Hong Kong paring its weekly advance, and U.S. futures slid. Indonesia’s rupiah weakened a second day versus the dollar, while copper trimmed a weekly gain.
The MSCI Asia Pacific excluding Japan Index slipped 0.4 percent by 12:49 p.m. in Tokyo, set for a weekly climb of 1.4 percent. The Hang Seng China Enterprises Index dropped 0.3 percent after surging 5.6 percent in three days. Standard & Poor’s 500 Index futures lost 0.1 percent and Nasdaq 100 Index contracts fell 0.2 percent. The rupiah weakened 0.3 percent as the Bloomberg Dollar Spot Index held near the highest level since June 18. Australian bonds declined and gold headed for a second weekly retreat. Copper fell 0.4 percent.
Global equities are up for a second week, after a raft of better-than-estimated earnings in the U.S. and signs of global manufacturing growth buoyed sentiment. Chinese shares may climb another 20 percent, following a 19 percent surge in the Hang Seng China Enterprises Index since March 20, said Mark Mobius, executive chairman of Templeton Emerging Markets Group. The U.S. and Canada will oppose World Bank projects related to Russia, to intensify pressure on the country over its actions in Ukraine.
Recommended Content
Editors’ Picks
USD/JPY briefly recaptures 160.00, then pulls back sharply
Having briefly recaptured 160.00, USD/JPY pulls back sharply toward 159.00 on potential Japanese FX intervention risks. The Yen tumbles amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
AUD/USD extends gains above 0.6550 on risk flows, hawkish RBA expectations
AUD/USD extends gains above 0.6550 in the Asian session on Monday. The Aussie pair is underpinned by increased bets of an RBA rate hike at its May policy meeting after the previous week's hot Australian CPI data. Risk flows also power the pair's upside.
Gold stays weak below $2,350 amid risk-on mood, firmer USD
Gold price trades on a softer note below $2,350 early Monday. The recent US economic data showed that US inflationary pressures stayed firm, supporting the US Dollar at the expense of Gold price. The upbeat mood also adds to the weight on the bright metal.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.