Global equities kicked off trading on Monday with a mixed session in Asia. Taiwan stocks took a hit from fresh pandemic restrictions, while Chinese stocks gained.
Millions of people in the UK can now socialise indoors under Boris Johnson’s next stage of his roadmap out of lockdown.
Things are slowly returning back to normal in the UK. On Monday, England will enter the third stage of its roadmap out of lockdown, with the reopening of indoor dining, pubs, entertainment and foreign travel.
Technology shares in the Asia-Pacific Region led the advance as investors hunted for bargains following a global sell-off in the sector.
Public Health England has recorded 1,313 cases of the Indian variant in the UK and cases have more than doubled in recent weeks.
US stocks rebound breaking the three-day losing streak
Asian shares rose Friday after Wall Street put the brakes on a three-day losing streak with a broad stock market rally powered by Big Tech companies and banks.
By Gina Lee
(Bloomberg) -- Stocks halted a three-day slide, with investors migrating to value from growth companies as signs of a strengthening labor market tempered inflation worries.Industrial and financial shares led gains in the S&P 500, while energy producers joined a slump in oil. The tech-heavy Nasdaq 100 underperformed major equity benchmarks as Tesla Inc. slipped after Chief Executive Officer Elon Musk said the electric-car maker is suspending purchases using Bitcoin. In late trading, Coinbase Global Inc. sank as the biggest U.S. cryptocurrency exchange reported revenue below Wall Street estimates.“We’ve been on cyclical value and small cap for the better part of the last year,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. “Our forecast has been that you would have these cyclical upswings that would lead to a broadening market, and that is exactly what you’ve seen. We haven’t wavered one bit in our conviction that is going to continue.”Confidence on an economic revival that’s reigned supreme amid continued Federal Reserve stimulus has been recently jolted. Data Thursday showed producer prices rose by more than forecast in April, and jobless claims fell. While some investors insist the surge in inflation is a one-off reopening burst, the broader markets are hedging against the possibility it may persist and force the central bank to take action.Officials have been trying to drive home the message that they see inflation spikes this year as transitory, in contrast with heightened Wall Street concern about runaway prices. Increases above the central bank’s 2% goal should be temporary, but may last through 2022, said Fed Governor Christopher Waller.“Taking a step back from inflation, the fact that jobless claims hit another pandemic-era low suggests we’re inching even closer to full reopening, which is no doubt a good thing,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial.The Fed tweaked its plans for buying Treasuries, keeping the monthly pace at about $80 billion but focusing more attention on securities maturing in seven years or longer.These are some of the main moves in markets:StocksThe S&P 500 rose 1.2% as of 4 p.m. New York timeThe Nasdaq 100 rose 0.8%The Dow Jones Industrial Average rose 1.3%The MSCI World index rose 0.3%CurrenciesThe Bloomberg Dollar Spot Index fell 0.2%The euro was little changed at $1.2084The British pound was unchanged at $1.4054The Japanese yen rose 0.2% to 109.44 per dollarBondsThe yield on 10-year Treasuries declined four basis points to 1.65%Germany’s 10-year yield was little changed at -0.12%Britain’s 10-year yield advanced one basis point to 0.90%CommoditiesWest Texas Intermediate crude fell 3.5% to $64 a barrelGold futures rose 0.3% to $1,828 an ounceFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Aussie shares fell, with miners and tech stocks leading losses, as rising inflation in the US stoked concerns over sooner-than-expected rate hikes.