Though first-quarter earnings season is winding down, a handful of major companies will still be reporting results this week, including some of the newly public names like Airbnb, Roblox and Bumble. The Commerce Department's retail sales report is also set for release, offering another update on the strength of consumer spending during the economic recovery.
(Bloomberg) -- Asian stocks and U.S. equity futures climbed Monday after the S&P 500 hit a record on weak jobs data that added to the case for ongoing stimulus. Gasoline and crude oil rose after a key pipeline was closed.The materials sector led gains in an Asia-Pacific share index as commodities rallied. Australian stocks are set to close at an all-time high. Equities advanced from Japan to South Korea, but fluctuated in China. Gasoline jumped as much as 4.2% before paring some of the increase, with U.S. operator Colonial Pipeline providing no timeline for a restart following a shutdown late Friday due to a ransomware attack.Iron ore futures in Singapore surged on strong demand from China. A “goldilocks scenario” seems to be forming for commodities amid the economic recovery from the pandemic, according to Goldman Sachs Group Inc.The dollar held losses after tumbling Friday, while the pound was the top performer among the Group of 10 currencies. Treasury yields edged up to about 1.60%, and traders are braced for a busy week of auctions.The energy price surge is adding to the inflation debate ahead of a U.S. CPI report this week which is forecast to show prices continued to increase in April. Investors will also parse appearances by a parade of Federal Reserve policy makers as they try to gauge the central bank’s thinking.“At the moment the view is very much that inflation is transitory,” Mo Apabhai, head of Asia trading strategy at Citigroup Global Markets, said on Bloomberg Television. “The Fed having experimented for the last 10 years is trying to keep on running it hot, but at the end of the day the disinflationary forces are still very strong in the economy.”U.S. jobs rose by 266,000 in April, trailing the projected 1 million jump, and suggesting the Fed will stick to its accommodative stance. Treasury Secretary Janet Yellen said the report “underscores the long-haul climb back to recovery,” while retaining her expectations of a return to full employment next year.The MLIV Question of the Day: How Could Highest CPI in Decade Hit Assets?Here are some key events to watch this week:A range of Fed speakers are due this week, including Chicago Fed President Charles Evans on the economic outlook Monday and U.S. Fed Governor Lael Brainard on Tuesday, among othersChinese inflation data are due TuesdayOPEC monthly Oil Market Report is published with global demand forecasts and production estimates TuesdayU.S. CPI report Wednesday is forecast to show prices continued to increase in AprilBank of England Governor Andrew Bailey speaks WednesdayThese are some of the main moves in markets:StocksS&P 500 futures rose 0.3% as of 10:50 a.m. in Tokyo. The S&P 500 added 0.7%Nasdaq 100 futures rose 0.3%. The Nasdaq 100 rose 0.8%Japan’s Topix index advanced 1.1%Australia’s S&P/ASX 200 Index rose 1.1%South Korea’s Kospi index added 1%Hong Kong’s Hang Seng Index climbed 0.6%China’s Shanghai Composite Index added 0.1%CurrenciesThe yen fell 0.2% to 108.84 per dollarThe offshore yuan lost 0.1% to 6.4249 per dollarThe Bloomberg Dollar Spot Index was steady after falling 0.7% FridayThe euro was at $1.2158The pound rose 0.3% to $1.4029BondsThe yield on 10-year Treasuries rose about two basis points 1.60%Australia’s 10-year bond yield rose three basis points to 1.71%CommoditiesWest Texas Intermediate crude increased 1.2% to $65.66 a barrelGold was at $1,832.19 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.
Stocks rose on Monday amid speculation that interest rates will remain low due to receding inflationary pressure, while oil and gas prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets. Japanese shares gained 0.91%. U.S. nonfarm payrolls data on Friday showed jobs growth unexpectedly slowed in April, which gave equities a lift but put downward pressure on the dollar and U.S. Treasury yields.