- Asian stocks extended a global equity run that has defied concerns about economic growth threats and rising interest rates. Saudi Arabia's production decrease caused oil prices to rise.
- Oil rose more than 3% before retracing its gains on Saudi Arabia's vow to cut a further 1 mln bpd in July, reducing production to its lowest level in several years.
- Japan and Australia's stock indexes surged more than 1% on Monday, while South Korea's Kospi jumped roughly 0.4%. Hong Kong shares opened modestly higher before sliding slightly, as did Shanghai's major index.
- After more increases, S&P 500 contracts dipped marginally in Asia. The underlying gauge was on the verge of entering a bull market on Friday. Despite growing concerns about a Chinese economic slowdown and the likelihood of increased interest rates in the United States, an MSG index of developed and emerging world shares is at its highest level since May.
- Gains in the United States on Friday were powered by large tech, options positions, and betting on the Fed keeping rates steady this month before raising them in July.
- The Fed's bets were impacted by a mixed jobs report, which showed evidence of labor-market slack in May despite a boost in hiring. This bolstered Fed's Powell's and other officials' arguments that they should take more time to analyse incoming data and the changing outlook before raising rates again.
