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- Asian stocks began the week on the back foot, as investors contemplated prospects for a pickup in growth against worry over inflationary pressures.
- Japanese and Hong Kong stocks fell in tandem with US futures. Earlier gains evaporated as China Evergrande shares, as well as those of its property management business, were halted from trading in Hong Kong. For the Golden Week holidays, mainland Chinese markets are closed from Monday through Thursday. The Australian stock market defied the trend.
- After two sessions of losses, the dollar regained its footing. Treasury yields shifted, with 10-year yields rising to 1.47%. The S&P 500 closed higher on Friday after hopeful findings for a COVID-19 tablet and positive manufacturing data spurred a surge in companies that stood to benefit from a reopening of the economy.
- Bitcoin was trading at $47,500, retaining most of its recent gains. Oil traders will be watching for comments from OPEC+, which meets virtually in the midst of a crude price rally.
