Stocks, Equity Futures Retreat Ahead of CPI Report: Markets Wrap

Stocks, Equity Futures Retreat Ahead of CPI Report: Markets Wrap
Andreea Papuc
·3 min read

(Bloomberg) -- Most Asian stocks fell Wednesday with U.S. equity futures after a drop on Wall Street amid concern that faster inflation and the surge in commodities could test the economic recovery from the pandemic.

Stocks slid in Japan and South Korea but fluctuated in Hong Kong as technology shares rebounded. Covid-19 curbs rattled investors in Taiwan, where the stock index slumped. U.S. contracts slipped after the S&P 500 declined for a second day following a record high Friday. Dip buyers helped the tech-heavy Nasdaq 100 erase a loss of almost 2% to finish little changed.

Treasury yields were steady and the dollar rose. Investors are awaiting inflation data and government debt sales in the U.S. -- events that could spark market volatility. Consumer-price inflation is set to quicken, with the year-on-year comparison amplified by the shock of Covid-19 shutdowns in 2020.

Australia’s 10-year bond yield jumped after the government unveiled a big-spending budget to spur the country’s rebounding economy. The Commonwealth Bank of Australia warned the country could lose its AAA credit rating.

Debate continues over whether price pressures will be persistent enough to force the Federal Reserve to tighten policy sooner than current guidance suggests. A chorus of Fed officials said the U.S. economy is on the road to recovery but still faces risks, and reiterated that it’s premature to discuss pulling back monetary support.

“It’s all about inflation expectations,” Priya Misra, TD Securities global head of rates strategy, said on Bloomberg Television, adding that if the U.S. CPI report signals “inflation is likely to be higher for a while, I think the taper discussion will come back into the forefront and then we can get a bigger interest rate move.”

Oil was steady above $65. The biggest U.S. pipeline is still closed in the wake of a cyberattack, leading to acute fuel shortages in some parts of the nation.

Copper traded near a record, and the Bloomberg Commodity Spot Index hovered around the highest levels in almost a decade. Palm oil futures in Kuala Lumpur climbed to the highest intraday level on record. A Chinese commodity exchange raised trading limits and margin requirements as authorities try to temper prices after a scorching rally in industrial commodities.

MLIV’s Question of the Day: How Priced In Is a European Reopening?

Here are some key events to watch this week:

U.S. CPI report Wednesday is forecast to show prices continued to increase in AprilBank of England Governor Andrew Bailey speaks Wednesday

These are some of the main moves in markets:

Stocks

S&P 500 futures fell 0.3% as of 12:15 p.m. in Tokyo. The S&P 500 index fell 0.9%Nasdaq 100 contracts lost 0.5%. The index was little changedJapan’s Topix index shed 0.9%Australia’s S&P/ASX 200 index was down 0.6%South Korea’s Kospi index fell 1.3%Hong Kong’s Hang Seng index rose 0.1%China’s Shanghai Composite index dipped 0.1%Euro Stoxx 50 futures retreated 0.1%

Currencies

The yen fell 0.2% to 108.87 per dollarThe offshore yuan was at 6.4348 per dollarThe Bloomberg Dollar Spot Index added 0.2%The euro traded at $1.2127

Bonds

The yield on 10-year Treasuries rose about one basis point to 1.63%Australia’s 10-year bond yield climbed six basis points to 1.79%

Commodities

West Texas Intermediate crude rose was at $65.26 a barrelGold fell 0.5% to $1,828.36 an ounce

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©2021 Bloomberg L.P.

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