The bags US stocks were poised to open higher thanks to renewed bets that the Federal Reserve will probably reduce the interest rates this year, while the yen weakened after last week’s sharp rise due to Tokyo’s alleged monetary intervention.
The futures of S&P 500 They added up to 0.3% and those of Nasdaq rose 0.2%, in a positive sign for the opening of Wall Street later after Friday’s US nonfarm payrolls report revived hopes of a soft landing for the US economy.
It also reinforced bets that Fed rate cuts will likely come this year, after its chairman, Jerome Powelllast week maintained its bias in favor of a reduction in central bank rates.
Traders will also be closely watching whether the S&P breaks above the 50-day moving average of 5,130 on Monday, said Florian Ielpo, head of macro at Lombard Odier Investment Managers.
“If we break this level we will continue to see an uptrend of new highs, but if it is lost, it could take a couple of days or even weeks to get back to these levels,” Ielpo said.
He dollar was trading stable on Monday, leaving euro at $1.0771, off one-month highs, while the pound rose 0.2% to $1.2575.
The STOXX 600, Europe’s broadest stock index, was up 0.67% at 1226 GMT.
The prices of Petroleum Also in focus was the prospect of price hikes from Saudi Arabia and rising tensions in the Middle East, with Brent futures rising 73 cents to $83.69 a barrel and U.S. crude oil futures rising 81 cents. at $78.92 per barrel.
MSCI’s index of Asia-Pacific shares outside Japan hit its highest level since February 2023 and gained 0.7%, while China’s blue-chip index closed up 1.5%.
The yen gave up some of its gains and fell 0.5% to 153.765 units per dollar, after briefly surpassing the level of 154 units per dollar during the session.
Gold rose 0.6% to $2,316 an ounce.
Source: Ambito
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