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(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:

  • China Caixin services PMI, Monday

  • Eurozone S&P Global Services PMI, PPI, Monday

  • Australia rate decision, Tuesday

  • Eurozone retail sales, Tuesday

  • UBS earnings, Walt Disney, BP earnings, Tuesday

  • Minneapolis Fed President Neel Kashkari speaks, Tuesday

  • Brazil rate decision, Wednesday

  • Sweden rate decision, Wednesday

  • Toyota earnings, Wednesday

  • China trade, Thursday

  • Malaysia rate decision, Thursday

  • Mexico CPI, rate decision, Thursday

  • UK BOE rate decision, Thursday

  • Canada unemployment, Friday

  • UK industrial production, GDP, Friday

  • Chicago Fed President Austan Goolsbee speaks, Friday

Some of the main moves in markets:

Stocks

  • S&P 500 futures were little changed as of 9:30 a.m. Tokyo time

  • Hang Seng futures rose 0.6% s

  • Australia’s S&P/ASX 200 rose 0.4%

  • Euro Stoxx 50 futures rose 0.3%

Currencies

  • The Bloomberg Dollar Spot Index was little changed

  • The euro was little changed at $1.0763

  • The Japanese yen fell 0.4% to 153.60 per dollar

  • The offshore yuan was little changed at 7.1983 per dollar

Cryptocurrencies

Bonds

Commodities

  • West Texas Intermediate crude was little changed

  • 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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©2024 Bloomberg L.P.



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