Markets Daily: Asia Stock Set to Open Steady After Mixed US Data

Futures in Australia and Japan edged slightly higher, while Hong Kong dipped lower. The US equities overnight inched lower as the mixed implication between economic optimism and inflation concerns continued. The S&P 500 and the Nasdaq both fell by 0.1% after US manufacturing data topped estimates but also signaled labor constraints and supply shortages. The Dow Jones rose by 0.1% with Energy and Financials leading the gains. 

US Treasury yields were unchanged on Tuesday. US 10-year yields were near 1.61%. US 2-year yields were near 0.15%. 

Foreign exchange trading overnight saw a dollar mixed against other major currencies. According to ZERO Markets’ MetaTrader 4 platform, EUR/USD rose from lows near 1.2215 to high around $1.2254. AUD/USD rose from lows near $0.7730 to highs around $0.7770. The off-shore yuan was little changed amid the People’s Bank of China’s push to temper its appreciation.

Elsewhere, commodity trading saw global oil prices rose to a two-year high. OPEC+ alliance agreed to continue a slow easing of supply curbs and decided to return 2.1 million barrels per day of supply until July. Brent crude rose 1.3% to a high of $US 70.25 a barrel. 

Iron ore prices lifted by 10% to 209.1 a tonne. Precious metals trading saw gold near flat at $US 1,900 an ounce.

Key events this week (Economic Calendar):

  • US unemployment data for May (Friday)

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