Markets

(Bloomberg) -- Asian stocks rose Tuesday after a record S&P 500 close as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment even as the debate over inflation risks intensified.

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Equities were up in Japan, Australia and South Korea. U.S. futures advanced, with Nasdaq 100 contracts outperforming. The tech-heavy gauge led U.S. gains overnight amid a Tesla Inc. rally to a $1 trillion market value. Facebook Inc. was higher in late trading on strong user growth and a pledge to buy back as much as $50 billion more in stock.

The Treasury yield curve steepened overnight as shorter-maturity bonds climbed. The dollar was steady. The debate over price pressures continues, with former Treasury Secretary Lawrence Summers saying officials are unlikely to deal with “inflation reality” successfully until they fully recognize it.

Gold held above $1,800 an ounce. Crude oil pared gains after hitting $85 a barrel for the first time since 2014. Elsewhere, investors continue to monitor China’s property-sector slowdown and wider regulatory curbs.

A relatively solid earnings season is helping to counter concerns that elevated inflation and tightening monetary policy will slow the economic recovery from the pandemic. Traders are also monitoring escalating Covid-19 cases in China and other parts of the world.

Equity markets are “continuing their recovery and we expect this process to continue past big tech earnings” and this week’s European Central Bank meeting, where policy makers may flag the end to their pandemic bond-buying program, Sebastien Galy, senior macro strategist at Nordea Investment Funds, wrote in a note.

In the U.S., Democrats stepped closer to an agreement on Biden’s multi-trillion dollar economic agenda. That could allow the House this week to pass a $550 billion infrastructure bill.

Elsewhere, Bitcoin traded around $63,000.

Here are some events to watch this week:

  • Earnings: Amazon, Apple, Microsoft, Twitter, Samsung Electronics, China Vanke, PetroChina, Ping An Insurance Group

  • Australia CPI, Wednesday

  • U.S. wholesale inventories, U.S. durable goods, Wednesday

  • Bank of Japan monetary policy decision, briefing, Thursday

  • ECB rates decision, President Christine Lagarde briefing, Thursday

  • U.S. GDP, initial jobless claims, Thursday

  • G-20 joint finance and health ministers meeting ahead of the weekend leaders’ summit, Friday

For more market analysis, read our MLIV blog.

Some of the main moves in markets:

Stocks

  • S&P 500 futures climbed 0.2% as of 9:26 a.m. in Tokyo. The S&P 500 rose 0.5%

  • Nasdaq 100 futures rose 0.4%. The Nasdaq 100 rose 1%

  • Japan’s Topix index rose 1%

  • Australia’s S&P/ASX 200 Index rose 0.3%

  • South Korea’s Kospi index gained 0.5%

  • Hang Seng Index futures rose 0.1% earlier

Currencies

  • The Japanese yen was at 113.78 per dollar

  • The offshore yuan traded at 6.3840 per dollar

  • The Bloomberg Dollar Spot Index was steady

  • The euro was at $1.1600

Bonds

  • The yield on 10-year Treasuries was little changed at 1.64%

  • Australia’s 10-year bond yield held at 1.78%

Commodities

  • West Texas Intermediate crude was at $83.73 a barrel

  • Gold was at $1,806.71 an ounce

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Source : https://finance.yahoo.com/news/stocks-set-rise-earnings-inflation-225300063.html

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