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Most Asian Stocks, U.S. Equity Futures Advance: Markets Wrap

(Bloomberg) — Most Asian stocks climbed Friday after U.S. benchmarks halted a three-day slide, with signs of a strengthening labor market outweighing investors’ concerns about rising inflation for now.Shares rose in Japan and Australia, but fluctuated in China, after the country’s MSCI Index slipped into bear-market territory. U.S. futures rose following gains in the major indexes overnight, with industrial and financial shares outperforming, while energy producers joined a slump in oil.Tesla Inc. fell after Chief Executive Officer Elon Musk said the electric-car maker is suspending purchases using Bitcoin over environmental concerns. Bitcoin pared some of the losses sparked by Musk’s comments, and was trading around $50,000. Coinbase Global Inc. fluctuated in late trade as the biggest U.S. cryptocurrency exchange reported revenue below Wall Street estimates.Markets appear to have recovered from a bout of volatility following an unexpectedly sharp increase in the U.S. consumer price index. The latest data reinforced inflation pressures, with producer prices outpacing forecasts, but a drop in jobless claims helped sentiment. Federal Reserve Governor Christopher Waller reiterated the central bank’s view that the economic reopening is driving a temporary surge in price pressures, though they may last through 2022.“We see 10-year yields move up, we see inflation expectations move up, but as long as the underlying economic backdrop is still doing just fine it should power that value trade generally,” Lori Calvasina, RBC Capital Markets head of U.S. equity strategy, said on Bloomberg TV. “We’re going to have some interesting days but the runway is there from an economic perspective for this rotation to keep going.”Treasuries rallied from the prior session’s weakness, with the 10-year yield easing to 1.66% despite a lackluster auction of 30-year bonds. The Federal Reserve tweaked its purchasing plan to focus more on longer-dated Treasuries, while leaving the $80 billion monthly total unchanged.Meanwhile, concerns about a possible pullback in Fed support have stalled the rally in commodities. Oil traded below $64 a barrel.The MLIV Question of the Day is: When Can Crypto Reach Mainstream Investing?These are some of the main moves in markets:StocksS&P 500 contracts climbed 0.3% as of 10:42 a.m. in Tokyo. The S&P 500 rose 1.2%Nasdaq 100 futures were up 0.5%. The index advanced 0.8%Japan’s Topix Index rose 1.3%Australia’s S&P/ASX 200 was up 0.7%South Korea’s Kospi gained 0.7%The Shanghai Composite Index was steadyThe Hang Seng climbed 0.4%CurrenciesThe Bloomberg Dollar Spot Index rose less than 0.1%The euro was at $1.2084The British pound traded at $1.4047The Japanese yen was down 0.1% at 109.62 per dollarBondsThe yield on 10-year Treasuries was steady at 1.66%Australia’s 10-year yield slipped two basis points to 1.79%CommoditiesWest Texas Intermediate crude slipped 0.5% to $63.53 a barrelGold futures dipped 0.2% to $1,823.85 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.

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