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Stocks Eye Mixed Start as China Tempers U.S. Boost: Markets Wrap

(Bloomberg) — Stocks are set to get off to a mixed start on Monday as traders weigh in on a US rally fueled by corporate earnings, China’s tech sector crackdown and an upcoming Federal Reserve meeting. The dollar was stable.

Equity futures rose in Japan and Australia but fell in Hong Kong, where an index offering exposure to Chinese internet giants is now the world’s worst-performing major technology meter. Beijing’s most recent tightening is a $100 billion education technology sector reform, undermining one of China’s largest investments in recent years.

US stocks closed with a record Friday and the S&P 500 has nearly doubled from the depths of the pandemic. About 87% of the S&P 500 companies reporting results so far this season have exceeded estimates. US stock contracts fluctuated.

Treasuries were little changed on Friday, but traders are bracing for potential turbulence as Fed officials resume talks at this week’s two-day policy meeting on when and how to unwind the stimulus. Treasury market volatility has increased due to economic risks from the spread of the contagious delta strain of Covid-19.

Investors have taken heart from a spectacular earnings season in the US, but concerns about inflation and delta pressures persist, foreshadowing volatility. The outlook for the Fed’s $120 billion monthly bond purchases also remains critical: economists surveyed by Bloomberg expect the central bank to begin scaling back asset purchases next year and raise interest rates through 2024 faster than previously forecast. thought.

Read More: Whipsawed Bond Traders Hunker Down For The Return Of The Fed

“The macro story remains one of a post-pandemic recovery,” Chris Iggo, chief investment officer for core investments at AXA Investment Managers, wrote in a note. Still, “ongoing pandemic risk is likely to be a recurring source of risk-off events in financial markets,” he added.

Tension between the US and China is also on the radar. The two sides are holding their first high-level talks since March, with Deputy Secretary of State Wendy Sherman, the No. 2 US diplomat, meeting with Secretary of State Wang Yi on Monday.

Story continues

Elsewhere, Bitcoin traded above $34,500, continuing a recent rally. Crude oil was just above $72 a barrel.

Here are some key events to watch this week:

Tesla, Alphabet, Apple, Facebook, Amazon report this week High-level talks between the US and China scheduled for Monday Federal Reserve policy meeting closes Wednesday GDP data expected Thursday

Here are some of the key moves in markets:

Shares

S&P 500 futures had changed little as of 7:01 am in Tokyo. The S&P 500 rose 1%. Nasdaq 100 futures were stable. The Nasdaq 100 climbed 1.2%Nikkei 225 futures rose 0.2%Australia’s S&P/ASX 200 futures rose 0.3%Hang Seng index futures fell 0.8% before

currencies

The Japanese yen was at 110.54 per dollar The offshore yuan was at 6.4757 per dollar The Bloomberg Dollar Spot Index had changed little on Friday The euro had changed little at $1.1772

bonds

The yield on 10-year Treasuries had changed little on Friday at 1.28%

Raw materials

West Texas Intermediate Crude Oil Up 0.2% To $72.19 A Barrel Gold Was $1,802.34 An Ounce

More stories like this are available at bloomberg.com

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©2020 Bloomberg LP

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