Stock futures hugged the flat line Tuesday evening after a mixed session on Wall Street, with traders looking ahead to a slew of earnings results from big banks.
(Bloomberg) -- Most Asian stocks climbed Wednesday following gains in U.S. equities and bonds, as investors shrugged off a higher-than-forecast rise in U.S. inflation to focus on the path of the global recovery.Hong Kong’s benchmark rose and tech stocks lifted China, but shares dipped in Japan amid concerns a slow vaccine rollout will crimp activity. U.S. equity futures were steady following all-time highs for the S&P 500 and Nasdaq 100 indexes, as the White House said the U.S. inoculation campaign remains on track despite a pause in Johnson & Johnson doses amid health concerns.Treasuries held a rally after a successful sale of 30-year bonds, which settled fears of poor demand sparking another bout of volatility. The U.S. dollar added to the prior session’s losses.Asia’s credit markets steadied after coming under pressure as a sharp selloff in one of China’s largest bad-debt managers raised questions about other heavily leveraged borrowers. Tencent Holdings Ltd. is holding off marketing a planned dollar bond deal Wednesday, according to people familiar with the matter.The latest data showing U.S. consumer prices rose more than expected last month have had little impact given the distortions surrounding the year-earlier collapse in price pressures. Investors still appear confident that the recovery remains on track with support from central banks and government spending.“A lot of growth and inflation have already been priced into the market,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “It’s almost as if you need to exceed those expectations in order to see a more pronounced reaction from markets.”Runaway inflation, along with higher borrowing costs and taxes, have replaced the pandemic as the top concerns for global fund managers, according to the latest Bank of America Corp. survey.Meanwhile, Bitcoin jumped to an all-time high, as did Ether, the second-largest digital token. The Nasdaq set a reference price of $250 for the direct listing of Coinbase Global Inc., the cryptocurrency exchange that will start trading Wednesday. Oil traded above $60 a barrel.Some key events to watch this week:Banks and financial firms begin reporting first-quarter earnings, including JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, Goldman Sachs Group Inc.Economic Club of Washington hosts Fed Chair Jerome Powell for a moderated Q&A on Wednesday.U.S. Federal Reserve releases Beige Book on Wednesday.U.S. data including initial jobless claims, industrial production and retail sales come Thursday.China economic growth, industrial production and retail sales figures are on Friday.These are some of the main moves in financial markets:StocksS&P 500 futures were flat as of 12:27 p.m. in Tokyo. The index closed 0.3% higher.Japan’s Topix Index was 0.3% lower.The Shanghai Composite was up 0.2%.The Hang Seng rose 1.2%.South Korea’s Kospi Index was flat.Australia’s S&P/ASX 200 Index was 0.3% higher.Euro Stoxx 50 futures increased 0.2%.CurrenciesThe Bloomberg Dollar Spot Index edged down 0.1%.The yen was up 0.2% at 108.87 per dollar.The euro inched up 0.1% to $1.1962.The offshore yuan traded around 6.5410 per dollar.BondsThe yield on 10-year Treasuries held around 1.62% after slipping in U.S. trade.Australia’s 10-year yield was six basis points lower at 1.75%.CommoditiesWest Texas Intermediate crude rose 0.8% to $60.63 a barrel.Gold was steady at $1,744.62 an ounce.For 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.
Tuesday was a generally upbeat day on Wall Street, although the Dow Jones Industrial Average (DJINDICES: ^DJI) failed to keep up with its broader index peers. The S&P 500 (SNPINDEX: ^GSPC) hit new all-time highs, while the Nasdaq Composite (NASDAQINDEX: ^IXIC) made more progress toward getting back to its high-water mark. Investors have waited to see confirmation of those gains in earnings, and on Wednesday, they'll get their first helping of first-quarter earnings releases from major banking institutions.