Positive start to the week in global markets
Global markets are watching interest in risky assets outside China. Official manufacturing PMI data in China raised questions about the growth target.
Stocks started the week positively while Chinese stocks diverged negatively due to official PMI data.
While many indices in Asia Pacific are rising, Japan’s Topix is leading the rises with 0.4 percent. China’s CSI 300 is trading 0.2 percent negative. Hong Kong markets are closed today due to a holiday.
US stock futures are also rising, S&P 500 futures are up 0.3 percent. The dollar starts the week in negative territory with the effect of the rising euro after the French elections. The Bloomberg Dollar Index is down 0.1 percent at 1,268 points. The US 10-year bond yield is trading at 4.386 percent, down one basis point. The Japanese 10-year yield is at 1.07 percent, up two basis points.
This week, central bank leaders will speak at the summit in Sintra, Portugal, seen as the Jackson Hole of the European Central Bank. In addition to key ECB members, Fed President Jerome Powell will speak at the Sintra summit on Tuesday and New York Fed President John Williams on Wednesday. UK general elections will be held on Thursday. Bond investors will keep an eye on the US non-farm payrolls data on Friday.